Celsius Network will file on April 12, including information on voting for the restructuring plan.
Celsius Network filed for bankruptcy last year. After this incident, the company is working on restructuring.
Celsius Network to Submit File for Reconstruction on April 12
The bankrupt crypto lender Celsius Network has released information for beneficiaries. The company has submitted a statement containing information for those who qualify. Additionally, the team announced in the statement that it will move forward with its Chapter 11 restructuring plan.
Speaking about the restructuring, Celsius officials made the following statement:
“Our Disclosure Statement will provide a summary of the Plan, account holder recovery percentages, FAQs, and additional information on specific risk factors.”
In a notice to users on April 7, Celsius debtors announced that they will file a statement on April 12.
Last week, we filed our Chapter 11 Plan of Reorganization (“the Plan”) with the support of the
Committee and the Plan Sponsor, NovaWulf. You can find the Plan here:https://t.co/RY95ncZSl8— Celsius (@CelsiusNetwork) April 7, 2023
Celsius first presented the plan in February, which proposes to create a public platform called NewCo, wholly owned by Gains creditors. The unsecured creditors committee will appoint a majority of the firm’s board members, with no founding involvement or affiliation with Celsius. It will contain answers to frequently asked questions.
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