Plan Focused on Distributing a Meaningful Liquid Cryptocurrency to Customers as well as Equity in NewCo
Celsius Creditors Encouraged to Vote in Favor of Chapter 11 Plan by September 22, 2023
HOBOKEN, N.J.–(BUSINESS WIRE)–Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”). As previously announced, the Company completed a successful Court-approved auction process in May 2023 that resulted in the selection of Fahrenheit, LLC (“Fahrenheit”) as the winning bidder. Celsius’ proposed Chapter 11 Plan (the “Plan”) contemplates a transaction with Fahrenheit, which will provide the capital, management team, and technology required to successfully establish and operate the new company (“NewCo”). NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by the statutory committee of unsecur
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