{"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":"

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

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

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>\n

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

\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,” it wrote.<\/p>\n

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

Related: <\/em><\/strong>Celsius creditors flag renewed phishing attacks ahead of bankruptcy plan<\/em><\/strong><\/p>\n

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

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

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

Magazine: <\/em><\/strong>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The creditors involved in the Celsius bankruptcy case have voted in favor of a plan…<\/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":"\nCelsius creditors vote in favor of reorganization plan - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/celsius-creditors-vote-in-favor-of-reorganization-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius creditors vote in favor of reorganization plan - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"The creditors involved in the Celsius bankruptcy case have voted in favor of a plan...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/celsius-creditors-vote-in-favor-of-reorganization-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-26T01:39:07+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/09\/Celsius-creditors-vote-in-favor-of-reorganization-plan.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/celsius-creditors-vote-in-favor-of-reorganization-plan\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/celsius-creditors-vote-in-favor-of-reorganization-plan\/\",\"name\":\"Celsius creditors vote in favor of reorganization plan - 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