Embattled lending platform Celsius wants to bring back ex-CFO Rod Bolger and pay him about $92,000 a month, prorated over a period of at least six weeks. The embattled lender says it needs Bolger to help it navigate bankruptcy proceedings as an advisor, according to a motion filed with the Southern District of New York.
“Because of Mr. Bolger’s familiarity with the Debtors’ business, the Debtors have requested, and Mr. Bolger has agreed pending the Court’s approval, to continue providing advisory and consulting services to the Debtors pursuant to an Advisory Agreement,” the filing reads. “In consideration for the advisory services rendered by Mr. Bolger, the Debtors agree to pay Mr. Bolger the sum of CAD $120,000 per month, prorated for partial months.”
The motion goes on to say that during Bolger’s tenure, he led efforts to steady the business during turbulent market volatility this year, guiding the financial aspects of the business and acting as a leader of the company. Ultimately, it is up to New York’s Southern District to decide whether to allow Bolger to come onboard with Celsius. There is a Zoom hearing set for Monday, Aug. 8, to consider the motion.
Bolger, a former CFO for Royal Bank of Canada and divisions of Bank of America, was previously with the company for five months before resigning on June 30, about three weeks after the platform paused all withdrawals, citing “extreme market conditions.” While he worked full-time with the company as CFO, this motion shows…
