Celsius, the crypto company that went bankrupt in June last year, is ready to reopen.
In fact, the bankruptcy proceedings have not yet been fully completed, but appear to be nearing completion.
The Chapter 11 process
After suspending withdrawals in June, the company filed for bankruptcy in July 2022, using the famous US Chapter 11 bankruptcy process.
Chapter 11 does not necessarily involve the liquidation of bankrupt companies’ assets, but allows them to restructure their debts in an attempt to reopen.
So after Celsius filed for bankruptcy, it worked to reopen, and part of the restructuring plan involves just that.
In fact, in July this year, the company submitted a plan to the bankruptcy court that included both the return of funds to creditors and the reopening of the company.
In particular, they were able to agree on two agreements that allow for the return of funds to all customers, thus ending the bankruptcy proceedings and allowing for the reopening of the business
We współpracy z: https://en.cryptonomist.ch/2023/10/17/celsius-restarts-crypto-mining/
