{"id":194143,"date":"2023-09-26T01:39:07","date_gmt":"2023-09-26T01:39:07","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194143"},"modified":"2023-09-26T01:39:07","modified_gmt":"2023-09-26T01:39:07","slug":"celsius-creditors-vote-in-favor-of-reorganization-plan","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/celsius-creditors-vote-in-favor-of-reorganization-plan\/","title":{"rendered":"Celsius creditors vote in favor of reorganization plan"},"content":{"rendered":"<p>The creditors involved in the Celsius bankruptcy case have voted in favor of a plan that will see funds returned to them as well as distributing equity through a new company.<\/p>\n<p>According to a Sept. 25 filing from bankruptcy firm Stretto, most of the classes voted in favor of the plan by more than 98%. <\/p>\n<p>While voters have made a near-unanimous decision on the plan, the plan still needs final approval at a confirmation hearing in the United States Bankruptcy Court for the Southern District of New York scheduled for Oct. 2.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/e56a7b39-41e3-4ceb-92cf-a1da38e87412.png\"><\/p>\n<p>According to a disclosure statement filed on Aug. 17, the current plan will see approximately $2 billion worth of Bitcoin (BTC) and Ether (ETH) redistributed to Celsius Network creditors. The plan will also distribute equity in a new company, temporarily dubbed \u201cNewCo.\u201d<\/p>\n<p>\u201cNewCo will operate and further build out the Debtors\u2019 Bitcoin mining operations, stake Ethereum, monetize the Debtors\u2019 other illiquid assets, and develop new, value-accretive, regulatory-compliant business opportunities,&#8221; it wrote.<\/p>\n<p>Notably, the new company will be managed by the Fahrenheit Group \u2014 a consortium of crypto-native individuals and organizations including former Algorand CEO Steven Kokinos, venture capital firm Arrington Capital, crypto miner US Bitcoin Corp, Proof Group Capital Management and Arrington Capital advisor Ravi Kaza.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Celsius creditors flag renewed phishing attacks ahead of bankruptcy plan<\/em><\/strong><\/p>\n<p>Celsius Network was one of the first major casualties of the 2022 bear market, with the now-defunct crypto lender filing for bankruptcy on July 14, 2022.<\/p>\n<p>On July 13, 2023, the SEC sued Celsius and its former CEO Alex Mashinsky for allegedly raising billions of dollars through unregistered and fraudulent offers involving \u201ccrypto asset securities.\u201d <\/p>\n<p>Mashinsky was then arrested on the same day, following an indictment from the U.S. Department of Justice, which accused the former CEO of fraudulent financial activity, misleading investors and a number of other similar charges. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/crypto-lender-celsius-creditors-vote-favor-reorganization-plan\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The creditors involved in the Celsius bankruptcy case have voted in favor of a plan&#8230;<\/p>\n","protected":false},"author":4,"featured_media":194142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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