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Celsius Network LLC, a known cryptocurrency lending company, has been cleared to exit from bankruptcy. This comes after a New York judge approved its exit plan including a payments scheme for creditors.
The bankruptcy court’s decision to approve Celsius Network’s restructuring plan has ended the company’s complicated case. Creditors also accepted the plan where they will receive partial repayment on top of making them shareholders of a new company.
In the scheme, $2 billion in Bitcoin (BTC) and Ether (ETH) crypto is set to be distributed to the creditors. CoinTelegraph reported that Celsius Network is hoping to start the reimbursements by the end of the year.
The Approved Restructuring Program
As per Reuters, with the restructuring plan for Celsius Network in place, cryptocurrencies will be returned to customers. This will also pave the way for the creation of a new firm that will be owned by the Celsius creditors.
It was the U.S. Bankruptcy Judge Martin Glenn in Manhattan who signed the restructuring that will bring the firm out of bankruptcy. The order was officially published on Thursday, Nov. 9.
In any case, the reorganized firm is set to be managed by Fahrenheit LLC which is a consortium that includes Arrington Capital. The new business will focus on mining new bitcoin and raking in "staking" fees by verifying blockchain transactions.
Commenting on the latest development on Celsius Network’s bankruptcy case, Arrington stated via email, "Today marks the culmination of a journey that has been far too long and far too expensive for Celsius creditors. We are eager to dig in on our go-forward plan to make things whole for our creditors."
The Initial Bankruptcy
Celsius Network filed for Chapter 11 bankruptcy protection in July of last year. The filing happened just a month after it froze the accounts of customers to prevent them from withdrawing cryptocurrencies. Before its collapse, it was valued at $3 billion so its failure was one of the largest in the crypto scene last year.
Photo by: Celsius Blog Page
