Just like FTX and Terra (LUNA), Celsius has been in a rather delicate situation for several months. Dealing with bankruptcy is never easy, but you have to pay your debts and Celsius intends to do it, but how? Well, the struggling crypto credit company has just come up with a rather interesting plan in which, it offers to issue its own crypto token. The capital gains from this investment will be returned to its creditors as repayment of its debt. This is at least the report drawn up by our colleagues from Bloomberg, whose source would be a video of part of the hearing.
Will the new Celsius token be able to change the trend?
Celsius is in the hard since its bankruptcy and must offer ways to pay off debts. In the midst of a hearing in recent days, the crypto issuer offered a mind-blowing solution to the court to calm the anger of its creditors. According to our source, Celsius intends to issue its own token in order to settle its debts definitively. The same source makes us understand that it is the lawyer of the platform, Ross M. Kwasteniet who would have made this confession. Indeed, the lawyer would have learned in court that the company he defends is currently negotiating with all its creditors. The idea being to repay its creditors in the best possible way.
However, the business setup will not be the same if everything comes to fruition. The first thing that could change would be Celsius IPO. In other words, the company will hold an appropriate license. This strategy could provide more money to creditors, much more than a simple liquidation as required from the start.
For now, the crypto project continues negotiations with creditors. The report recounting these facts states that the company plans to file the plan in court within a week. To attest to the veracity of the facts, Celsius Facts, a Twitter user who usually posts updates on this case, also discusses this plan. He also specifies that Celsius wants to enter the stock market using third-party services.
Conclusion
Celsius is looking for all the parades to appease its creditors and get out of the crisis. Aware that the liquidation of the company will not benefit anyone, the platform puts an interesting crisis exit plan on the table. It plans to go public using third-party services and plans to issue its own token at the same time. Certainly the court will have the last word, but the fate of Celsius is currently between the buts of its creditors.
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