Celsius Creditors Approve Reorganization Plan Despite Some Objections

Celsius' creditors voted to approve reorganization plan returning 67%-85% of holdings
There were objections including from U.S. Trustee
Bankruptcy court to hold final confirmation hearing in October
Judge had approved voting procedure in August
Most classes passed with over 98% votes in favor

coindesk.com

Relevant topic timeline:

9/6/2023

Celsius Network Files 'Adversary Complaint' Against EquitiesFirst to Recover Assets

Crypto lender Celsius Network has filed a complaint against EquitiesFirst Holdings in an attempt to recover $439 million in cash and bitcoin owed to them, after failing to return collateral in 2021.

9/26/2023

Celsius Creditors Overwhelmingly Approve Reorg Plan to Return $2B in Crypto Assets

Creditors of Celsius Network have voted in favor of a plan that will return $2 billion worth of Bitcoin and Ethereum to them, along with distributing equity through a new company.

9/27/2023

BlockFi Gets Court Approval for Restructuring Plan After Revisions

Bankrupt crypto lending firm BlockFi has gained approval from a bankruptcy judge to implement a new plan to pay back customers, which includes compiling a list of the top 50 creditors who did not have secured loans.

10/3/2023

Celsius Plans to Start Repaying Customers by 2023 Through Restructuring and Liquidating Crypto Holdings

Crypto lender Celsius Network plans to start repaying its customers by the end of the year as part of its restructuring plan, which includes repaying creditors with $2.03 billion of cryptocurrencies and stock in the new company "NewCo" backed by Fahrenheit LLC. The plan is awaiting court approval and needs to be cleared by security regulators.

10/23/2023

FTX Bankruptcy Deal Could Return Up to 90% of Assets to Creditors

Lawyers representing some creditors of defunct cryptocurrency exchange FTX are trying to secure a deal that would pay investors up to 90% of the remaining assets, with the approval rate of 75% required by December 1st and a goal to clear bankruptcy by July 2024.

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Posted 9/26/2023, 6:26:00 AM