{"id":554150,"date":"2023-10-05T02:00:25","date_gmt":"2023-10-05T02:00:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=554150"},"modified":"2023-10-04T20:24:51","modified_gmt":"2023-10-04T20:24:51","slug":"celsius-commits-to-massive-crypto-repayment-2-billion-to-creditors-by-2023s-end","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/celsius-commits-to-massive-crypto-repayment-2-billion-to-creditors-by-2023s-end\/","title":{"rendered":"Celsius Commits To Massive Crypto Repayment: $2 Billion To Creditors By 2023’s End"},"content":{"rendered":"

Celsius Network, a <\/span>bankrupt digital asset lender<\/span><\/a>, has revealed plans to begin repaying creditors using billions of dollars in crypto assets before the year’s end.\u00a0<\/span><\/p>\n

The company presented a restructuring plan, outlined in a recent <\/span>filing <\/span><\/a>to a US bankruptcy court, which aims to generate funds for a new corporate spinoff known as “NewCo” and facilitate customer repayments.<\/span><\/p>\n

Celsius Vows To Clear $2 Billion Debt<\/span><\/h2>\n

According to the filing, the plan outlines a distribution of at least $2.03 billion in cryptocurrency to creditors, with the actual amount subject to fluctuations in the cryptocurrency market.\u00a0<\/span><\/p>\n

Related Reading: FTX\u2019s FTT Price Skyrockets 20%: Here\u2019s Why the Rally Has Just Begun<\/a><\/div>\n

This distribution will occur as soon as reasonably practicable after the plan becomes effective, either through the NewCo transaction or an orderly wind down. T<\/span>he NewCo transaction, sponsored by the Fahrenheit Group, is a key component of the plan.\u00a0<\/span><\/p>\n

It involves the creation of a new cryptocurrency company owned by customers, focusing on Bitcoin mining and staking. NewCo, which aims to maximize liquidity by listing on NASDAQ, will be managed by experienced crypto-native operators from Fahrenheit.\u00a0<\/span><\/p>\n

The group has committed to injecting up to $50 million as an equity stake in NewCo, aligning the interests of Fahrenheit and creditors who will own shares in the new company.<\/span><\/p>\n

In the event that the NewCo transaction cannot be completed, the plan includes an orderly wind-down option that would provide creditors with better recoveries compared to a Chapter 7 liquidation.<\/span><\/p>\n

Celsius’s legal representative, Christopher S. Koenig, also <\/span>revealed <\/span><\/a>that the restructured company, expected to emerge from Chapter 11, will receive $450 million in capital and financial backing.\u00a0<\/span><\/p>\n

However, the focus remains on the successful execution of the NewCo transaction, which would mark a significant milestone as the first revival of a failed crypto platform under Chapter 11, following the industry’s wave of insolvencies last year.<\/span><\/p>\n

While the approval of Celsius’s plan is under deliberation by Judge Martin Glenn, some <\/span>customers <\/span><\/a>who have been unable to access their funds have expressed opposition.\u00a0<\/span><\/p>\n

Additionally, an affiliate of Lantern Ventures owed approximately $82 million, has challenged the plan, claiming overvaluation of the new business by Celsius’s advisors. Clearance from securities regulators will also be necessary for the new venture.<\/span><\/p>\n

Related Reading: Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When<\/a><\/div>\n

It is important to note that if the new company were to fail, liquidation could become a possibility, potentially resulting in<\/span> lower repayments<\/span><\/a> for customers.\u00a0<\/span><\/p>\n

Nonetheless, Celsius Network’s proposed plan represents a significant effort to repay creditors and potentially revitalize the company, providing hope for both the cryptocurrency industry and affected stakeholders.<\/span><\/p>\n

\"Celsius\"
CEL’s uptrend over the past 30 days on the daily chart. Source: CELUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At present, the native token of the company, <\/span>CEL<\/span><\/a>, is trading at $0.1535, reflecting a 1.1% decline over the past 24 hours. However, it is noteworthy that the token has experienced a notable upward trend in the last 30 days, exhibiting a substantial surge of over 21% during this period.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Celsius Network, a bankrupt digital asset lender, has revealed plans to begin repaying creditors using billions of dollars in crypto assets before the year’s end.\u00a0 The company presented a restructuring plan, outlined in a recent filing to a US bankruptcy court, which aims to generate funds for a new corporate spinoff known as “NewCo” and facilitate customer repayments. Celsius Vows To Clear $2 Billion Debt According to the filing, the plan outlines a distribution of at least $2.03 billion in cryptocurrency to creditors, with the actual amount subject to fluctuations in the cryptocurrency market.\u00a0 Related Reading: FTX\u2019s FTT Price Skyrockets 20%: Here\u2019s Why the Rally Has Just Begun This distribution will occur as soon as reasonably practicable after the plan becomes effective, either through the NewCo transaction or an orderly wind down. The NewCo transaction, sponsored by the Fahrenheit Group, is a key component of the plan.\u00a0 It involves the creation of a new cryptocurrency company owned by customers, focusing on Bitcoin mining and staking. NewCo, which aims to maximize liquidity by listing on NASDAQ, will be managed by experienced crypto-native operators from Fahrenheit.\u00a0 The group has committed to injecting up to $50 million as an equity stake in NewCo, aligning the interests of Fahrenheit and creditors who will own shares in the new company. In the event that the NewCo transaction cannot be completed, the plan includes an orderly wind-down option that would provide creditors with better recoveries compared to a Chapter 7 liquidation. Celsius’s legal representative, Christopher S. Koenig, also revealed that the restructured company, expected to emerge from Chapter 11, will receive $450 million in capital and financial backing.\u00a0 However, the focus remains on the successful execution of the NewCo transaction, which would mark a significant milestone as the first revival of a failed crypto platform under Chapter 11, following the industry’s wave of insolvencies last year. While the approval of Celsius’s plan is under deliberation by Judge Martin Glenn, some customers who have been unable to access their funds have expressed opposition.\u00a0 Additionally, an affiliate of Lantern Ventures owed approximately $82 million, has challenged the plan, claiming overvaluation of the new business by Celsius’s advisors. Clearance from securities regulators will also be necessary for the new venture. Related Reading: Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When It is important to note that if the new company were to fail, liquidation could become a possibility, potentially resulting in lower repayments for customers.\u00a0 Nonetheless, Celsius Network’s proposed plan represents a significant effort to repay creditors and potentially revitalize the company, providing hope for both the cryptocurrency industry and affected stakeholders. At present, the native token of the company, CEL, is trading at $0.1535, reflecting a 1.1% decline over the past 24 hours. However, it is noteworthy that the token has experienced a notable upward trend in the last 30 days, exhibiting a substantial surge of over 21% during this period. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":554151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83722,86563,86315,86204,86562,86561,6664,14690,1558],"class_list":["post-554150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-celsius","tag-celsius-bankruptcy","tag-celsius-liquidation-price","tag-celsius-network","tag-celsius-price","tag-celusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\nCelsius Commits To Massive Crypto Repayment: $2 Billion To Creditors By 2023's End<\/title>\n<meta name=\"description\" content=\"Celsius Network has revealed plans to begin repaying creditors using billions of dollars in crypto assets before the year's end.\u00a0\" 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