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#Hotcolum Celsius Gains Bankruptcy Court Approval for its Restructuring Plan
The New York bankruptcy court has approved Celsius Network’s restructuring plan, effectively enabling the cryptocurrency lending platform to come out of bankruptcy.
Meanwhile, the US Securities and Exchange Commission (SEC) still has to greenlight the company’s new bitcoin mining firm.
Celsius Exiting Bankruptcy
More than one year after filing for Chapter 11 bankruptcy and freezing customer funds, Celsius will now be able to move ahead with its restructuring and repayment plan following an order from Judge Martin Glenn of the US Bankruptcy Court Southern District of New York.
According to an excerpt from the court ruling, Judge Glenn said, “The Plan is confirmed pursuant to section 1129 of the Bankruptcy Code.” The court approval marks a significant development for the company, which experienced a liquidity crisis and collapsed in 2022.
Celsius’ restructuring plan proposes transitioning into a new bitcoin mining entity owned by creditors called NewCo and involves the redistribution of $2 billion worth of BTC and ETH to customers, along with shares in the newly established company.