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

Celsius seeking court approval for restructuring plan to start repaying customers by end of 2023
Plans to distribute at least $2.03B of crypto to creditors from Bitcoin, Ether holdings
New company called NewCo to be seeded with up to $450M in crypto
NewCo backed by consortium Fahrenheit LLC to manage mining and staking business
Plan has support of over 95% of voting account holders but faces challenges from some creditors

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.

9/26/2023

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.

9/26/2023

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.