{"id":10818,"date":"2024-02-01T10:48:24","date_gmt":"2024-02-01T10:48:24","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10818"},"modified":"2024-02-01T10:48:44","modified_gmt":"2024-02-01T10:48:44","slug":"celsius-starts-paying-back-creditors","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/celsius-starts-paying-back-creditors\/","title":{"rendered":"Celsius Starts Paying Back Creditors"},"content":{"rendered":"

HOBOKEN, N.J.\u2013(BUSINESS WIRE)<\/strong>\u2013Crypto lending platform Celsius Network LLC has successfully emerged from bankruptcy after completing a complex 18-month process. Also, the company\u2019s approved restructuring plan was overwhelmingly approved by approximately 98% of account holders and was approved by the U.S. Bankruptcy Court for the Southern District of New York on November 9, 2023.<\/p>\n

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The detailed plan includes a distribution of over $3 billion<\/strong> in cryptocurrency and fiat to Celsius\u2019 creditors. Specifically, as part of the plan, a Bitcoin mining company owned by Celsius\u2019 creditors, Ionic Digital, Inc., was formed and its operations will be managed by Hut 8 Corp. (Nasdaq | TSX: HUT).<\/p>\n

After the plan\u2019s approval, Celsius decided to move to a \u201cMining Transaction\u201d in collaboration with the Securities and Exchange Commission (SEC) and the Official Committee of Unsecured Creditors (UCC). Additionally, the company increased the amount of cryptocurrency to be distributed to creditors by nearly $250 million<\/strong> by converting altcoins to BTC or ETH and resolving prior agreements. The Bankruptcy Court approved the Mining Transaction on December 27, 2023.<\/p>\n

Celsius has begun distributing over $3 billion<\/span><\/h2>\n

As part of the Mining Transaction, Celsius has begun distributing over $3 billion in liquid cryptocurrency and fiat to creditors. The newly formed Bitcoin mining company, Ionic Digital, is expected to go public once it obtains the necessary approvals. Celsius\u2019 creditors will own shares in Ionic Digital in the form of common stock.<\/p>\n

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Plan Administrator and former Celsius executive Chris Ferraro highlighted the commitment to maximizing value and speed for creditors, saying, \u201cToday, 18 months after Celsius halted withdrawals, we began distributing $3 billion<\/strong> in cryptocurrency, fiat, and shares in Ionic Digital.\u201d<\/em><\/p>\n<\/blockquote>\n

Members of Celsius\u2019 Board of Directors Special Committee, David Barse and Alan Carr, expressed pride in overcoming the challenges they faced during the Chapter 11 process. Celsius\u2019 accomplishments include securing cryptocurrency assets, reaching an agreement with preferred shareholders, forming a litigation trust, and providing resolutions with regulatory bodies.<\/p>\n

To ensure compliant distributions, Celsius worked closely with the UCC and various federal and state regulatory agencies throughout the restructuring process. Matt Prusak, Chief Commercial Officer of Hut 8, has been appointed CEO of Ionic Digital and will oversee Bitcoin mining operations under a four-year management agreement.<\/p>\n

Celsius will now focus on orderly winding down its operations and will begin the process of shutting down its mobile and web applications.<\/p>\n

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Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HOBOKEN, N.J.\u2013(BUSINESS WIRE)\u2013Crypto lending platform Celsius Network LLC has successfully emerged from bankruptcy after completing a complex 18-month process. Also, the company\u2019s approved restructuring plan was overwhelmingly approved by approximately 98% of account holders and was approved by the U.S. Bankruptcy Court for the Southern District of New York on November 9, 2023. You might<\/p>\n","protected":false},"author":1,"featured_media":10822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4053,61,60,3438,58,4052,106,4051,577,4054,39],"class_list":["post-10818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alan-carr","tag-bitcoin","tag-btc","tag-celsius","tag-cryptocurrency","tag-david-barse","tag-eth","tag-matt-prusak","tag-nasdaq","tag-new-york","tag-sec"],"yoast_head":"\nCelsius Starts Paying Back Creditors - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Crypto lending platform Celsius Network LLC has successfully emerged from bankruptcy after completing a complex 18-month process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/celsius-starts-paying-back-creditors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius Starts Paying Back Creditors - 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