Failed cryptocurrency lender Celsius received approval from a US bankruptcy court to proceed with its restructuring plan. The plan will return crypto to Celsius customers and create a new company owned by its creditors.
On Thursday, bankrupt cryptocurrency lender Celsius Network received bankruptcy court approval for its proposed restructuring plan. US Bankruptcy Judge Martin Glenn confirmed that Celsius may return cryptocurrency to its customers and create a new company owned by its creditors, NewCo.
According to reports by Bloomberg, Celsius will repay its customers through a combination of cryptoassets and stock in the new publicly listed Bitcoin mining company. Lawyers for the crypto lender said Celsius could start distributing assets in early 2024.
We are pleased to share that, following a successful creditor voting process and Confirmation hearing, the Court confirmed our Plan of Reorganization. https://t.co/bSemZ5f0k8
— Celsius (@CelsiusNetwork) November 10, 2023
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