Celsius Sends Bankruptcy Restructuring Plan To Creditors Vote After Court’s Approval Bankrupt crypto lender
Celsius is set to hold a vote on a plan to sell its asset to Fahrenheit Group following the approval by a judge
as the proceeding winds down.
Celsius will send its creditors ballots to vote on the proposal
between Aug 24 and Sept 22 and if approved, creditors could receive
as high as $2 billion with each creditor getting returns ranging from 67% for Earn holders
and 85% for those who were in the Borrow Program.
If approved,
the final decision on the settlement would still be pronounced by the court in October with disbursement kicking off before the end of the year. However, customers
not comfortable with the arrangement can opt-out without participating.
Judge Martin Glenn of the Southern District of New York Bankruptcy Court gave
the ruling after a year-long bankruptcy case which has seen creditors mull over their assets.
