The Celsius confirmation hearing began on October 2 as the firm seeks a New York judge’s approval of its restructuring plan.
The embattled crypto lender is seeking final court approval for a restructuring plan that will start repaying creditors before the end of 2023.Embattled crypto lender Celsius Network has told a judge it plans to start paying back its customers by year’s end, amid an Oct. 2 hearing seeking approval for its reorganization plan.
In his opening statements at the confirmation hearing in New York, Celsius’ legal counsel, Christopher Koenig, said the new company dubbed “NewCo” will emerge from the proceedings with $450 million in seed funding.NewCo has been backed by a group of companies in a consortium called Fahrenheit LLC, which will manage the mining and staking business.
The judge presiding over the case, Martin Glenn, is considering whether to approve Celsius’s restructuring plan. The plan will also need to be cleared by security regulators.
Celsius customers have been waiting to be made whole ever since the company halted withdrawals in June 2022 following the collapse of the Terra ecosystem.
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