Celsius Network unveils a robust restructuring plan, eyeing customer repayments and revival, with a judge's approval in sight.
If approved, Celsius would be among the first failed crypto platforms to be resurrected through a Chapter 11 bankruptcy case.is aiming to repay its customers soon and seeks to initiate the process before the end of 2023. The company presented its restructuring plan to a judge during a 2 October hearing in New York. It is now seeking final court approval for the proposal.
The new company, NewCo, has garnered support from a consortium called Fahrenheit LLC. This firm will oversee the mining and staking operations for NewCo. If the plan is approved, Celsius Network would be among the first failed crypto platforms from 2022 to be resurrected through a Chapter 11 bankruptcy case. This move holds the promise of bringing relief to Celsius customers.
Christopher Koenig, Celsius’s legal counsel, emphasized the company’s commitment to implementing the proposed plan and commencing customer repayments by the end of the year. He also underscored the crucial role of NewCo in facilitating this process.
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