Celsius Newtork Received Approval to Restructure Its Debts!

There was a new development for the crypto debt platform Celsius Network, which went bankrupt in July last year. Groups that have receivables from the bankrupt company approved the restructuring plan for payment.

According to the information reflected in the crypto press, individuals and investors who will receive receivables from Celsius will temporarily own the shares of a company called “NewCo”. Creditors who vote 98% positively on the restructuring plan will receive payment for 67% to 85% of the amount they deposited into the platform if the process is completed.

Although the US Board of Trustees objected to this decision, the new payment plan has been approved for now. The final decision on how payments will be made for Celsius will be announced on October 2, 2023.

What Altcoin Units Does Celsius Hold?

According to the repayment plan, which was first brought to the agenda in August, Celsius stated that it wanted to use Bitcoin and Ethereum worth $ 2 billion. The bankrupt company’s goal is to provide resources by mining Celsius’ Bitcoin and staking Ethereum through a subsidiary called NewCo. NewCo will be under the management of Fahrenheit Group, which acquired the bankrupt company in May 2023.

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