Celsius Creditors Supported Reorganization Planning

[coingabbarmarket]

Celsius Creditors voted in favor of reorganization planning
The creditors involved in the Celsius Bankruptcy case have voted in favor of a scheme through which they will be refunded. With this, equity distribution will be done through a new company. According to the filing of the bankerpse firm Stretto, most classes have voted more than 98% in favor of reorganization planning. However, the voters have almost taken a decision on this scheme. But the plan will still need a final approval in the US Bankruptcy Court for the Southern District of New York by 2 October. At the same time, this new scheme will do equity distribution in a new company, which will be temporarily called Newco.

[cryptoworld1]

Celsius' Bankruptcy Nears End as Creditors Approve Reorganization Plan

Bankrupt crypto lender Celsius' creditors have voted to approve a plan that would return 67%-85% of holdings back to them, according to a voting declaration filing by restructuring specialist Stretto that awaits final approval from the court.

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For More Information Here https://www.coindesk.com/policy/2023/09/26/celsius-bankruptcy-nears-end-as-creditors-approve-reorganization-plan/