Bankrupt crypto lender Celsius received permission to seek creditor approval for its proposed bankruptcy plan.
According to reports by Bloomberg and Reuters, bankrupt cryptocurrency lender Celsius Network was granted permission by a US bankruptcy judge to send its proposed bankruptcy plan to its creditors. Celsius’ proposed strategy will see it exit Chapter 11 bankruptcy as an entity its creditors own.
Creditors Have Sufficient Information to Vote on Bankruptcy Plan
On Monday, during a US Bankruptcy Court hearing in Manhattan, Judge Martin Glenn approved Celsius’s disclosure agreement and solicitation material, noting the firm had provided creditors with enough information to vote on its bankruptcy proposal.
Celsius filed for Chapter 11 bankruptcy in 2022, leaving customers with uncertainty over the outcome of their funds. The firm reached two settlements in July which will allow the lender to exit bankruptcy proceedings and return customer assets. In addition to its proposed bank
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