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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Celsius Commits To Massive Crypto Repayment: $2 Billion To Creditors By 2023’s End

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Celsius

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Celsius Network, a bankrupt digital asset lender, has revealed plans to begin repaying creditors using billions of dollars in crypto assets before the year’s end. 

The company presented a restructuring plan, outlined in a recent filing to a US bankruptcy court, which aims to generate funds for a new corporate spinoff known as “NewCo” and facilitate customer repayments.

Celsius Vows To Clear $2 Billion Debt

According to the filing, the plan outlines a distribution of at least $2.03 billion in cryptocurrency to creditors, with the actual amount subject to fluctuations in the cryptocurrency market. 

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This distribution will occur as soon as reasonably practicable after the plan becomes effective, either through the NewCo transaction or an orderly wind down. The NewCo transaction, sponsored by the Fahrenheit Group, is a key component of the plan. 

It involves the creation of a new cryptocurrency company owned by customers, focusing on Bitcoin mining and staking. NewCo, which aims to maximize liquidity by listing on NASDAQ, will be managed by experienced crypto-native operators from Fahrenheit. 

The group has committed to injecting up to $50 million as an equity stake in NewCo, aligning the interests of Fahrenheit and creditors who will own shares in the new company.

In the event that the NewCo transaction cannot be completed, the plan includes an orderly wind-down option that would provide creditors with better recoveries compared to a Chapter 7 liquidation.

Celsius’s legal representative, Christopher S. Koenig, also revealed that the restructured company, expected to emerge from Chapter 11, will receive $450 million in capital and financial backing. 

However, the focus remains on the successful execution of the NewCo transaction, which would mark a significant milestone as the first revival of a failed crypto platform under Chapter 11, following the industry’s wave of insolvencies last year.

While the approval of Celsius’s plan is under deliberation by Judge Martin Glenn, some customers who have been unable to access their funds have expressed opposition. 

Additionally, an affiliate of Lantern Ventures owed approximately $82 million, has challenged the plan, claiming overvaluation of the new business by Celsius’s advisors. Clearance from securities regulators will also be necessary for the new venture.

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It is important to note that if the new company were to fail, liquidation could become a possibility, potentially resulting in lower repayments for customers. 

Nonetheless, Celsius Network’s proposed plan represents a significant effort to repay creditors and potentially revitalize the company, providing hope for both the cryptocurrency industry and affected stakeholders.

Celsius
CEL’s uptrend over the past 30 days on the daily chart. Source: CELUSDT on TradingView.com

At present, the native token of the company, CEL, is trading at $0.1535, reflecting a 1.1% decline over the past 24 hours. However, it is noteworthy that the token has experienced a notable upward trend in the last 30 days, exhibiting a substantial surge of over 21% during this period.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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The highest standards in reporting and publishing
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