Celsius Network, the high profile cryptocurrency firm that filed for bankruptcy in July 2022, has proposed a $2 billion restructuring plan which has received approval from over 98% of its creditors. The plan aims to return between 67% and 85% of creditors’ investments, and creditors will also receive equity in a newly formed entity, “NewCo.” However, approval and implementation of the plan will still require sign-off from the U.S. Bankruptcy Court of New York’s Southern District, who has a hearing scheduled for October 2nd. On a side note, the U.S. Securities and Exchange Commission (SEC) stated it doesn’t support the plan because it intends to use Coinbase as a distribution agent for international customers.
Celsius Network Creditors Approve $2 Billion Restructuring Plan
