Can we still hope for a revival of Celsius ? According to recent news, this crypto platform could emerge from the imbroglio in which it had been stuck for several months. Zoom !
“The Plan” receives court approval
Celsius Network is one of the Storm Terra victims occurred in May 2022. If you missed the part about the bankruptcy of this crypto companythis article will be useful for you.
Long has been the road traveled by Celsius since its bankruptcy filing to the arrest of his former boss Alex Mashinsky. But despite these maze, the administration does not throw in the towel.
Lately she’s advanced two bold chords as a proof of goodwill against a backdrop of restructuring.
” Yesterday, the Court approved the disclosure statement, which allows us to begin the process of soliciting votes on the Plan. You can read our official announcement below. »
Continuing in the proposed direction, leading to BusinessWirewe learned that Celsius creditors can now vote in favor of Chapter 11 plan. They have until September 22 to decide on this matter.
Following the approval by the United States Bankruptcy Court for the Southern District of New York of Celsius Network LLC’s Information Statement.
” The approval of the disclosure statement marks another important step in our process of transfer of assets from Celsius to NewCo and paves the way for the realization of Fahrenheit’s proposal. We remain committed to working with the official Committee of Unsecured Creditors, regulators, Fahrenheit and creditors throughout this process to achieve a strong outcome for all stakeholders. said Chris Ferraro, Chief Restructuring Officer & Interim Chief Operating Officer at Celsius.
Were there any consequences on the price of the CEL? Apparently yes: CoinGecko shows a 4.8% rise for Celsius’ native cryptocurrency in 24 hours. At the time of writing, the CEL was trading at $0.12.
Contents of the famous “Plan”
The full terms relating to Celsius’ plan and information statement can be viewed on this site: https://cases.stretto.com/celsius.
By way of summary, we have taken the explanation from Business Wire:
“The Plan offers a path to a conclusion that maximizes value and returns as much value as possible to the company’s creditor. THE eligible creditors of Celsius will receive by mail a solicitation package from Stretto, the company’s claims, notification and solicitation agent”.
In addition, it was specified that the solicitation file will include in particular:
- the Celsius statement and plan;
- detailed voting instructions;
- vital information;
- etc ;
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