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

Majority of Celsius creditors voted in favor of reorganization plan that will return $2B in crypto assets
Plan approved by over 95% of creditors across all eligible classes
Bitcoin and Ethereum to be returned; equity distributed through new company "NewCo"
NewCo to be managed by crypto consortium including Arrington Capital and Proof Group Capital
Final approval hearing scheduled for Oct 2 in NY bankruptcy court

cointelegraph.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.

9/25/2023

SEC Objects to Celsius Bankruptcy Plan Over Coinbase Deal Concerns

The United States Securities and Exchange Commission (SEC) has objected to Celsius Network's reorganization plan, citing its ongoing lawsuit with Coinbase and concerns about the terms of a proposed deal between Celsius and Coinbase.

9/26/2023

Celsius Creditors Approve Reorganization Plan Despite Some Objections

Crypto lender Celsius has received approval from its creditors for a plan that would return 67%-85% of holdings, bringing the company closer to the end of its bankruptcy and the return of funds to customers.

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.

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Posted 9/26/2023, 12:16:19 AM