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Celsius Faces Creditor Pushback Over Bankruptcy Exit Plan
Insolvent crypto lending platform, Celsius, has filed an updated plan to exit bankruptcy with the help of crypto consortium Fahrenheit. However, the plan faces opposition from creditors who are unhappy with the deal and want their money back.
Celsius’ Journey Out of Bankruptcy
Celsius filed for Chapter 11 bankruptcy protection in April 2022, hoping to restructure its debt and find a buyer for its assets. In October, the company launched an auction for its assets. Following several bids, Fahrenheit emerged as the winning bidder for Celsius’ assets in May 2023.
Fahrenheit offered to pay $300 million in cash and $700 million in Fahrenheit tokens for Celsius’ assets, which include its user base, technology, brand name, and intellectual property. Fahrenheit also agreed to assume Celsius’ liabilities and honor its obligations to its users and creditors.
However, in a recent development, Celsius submitted an update
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