Celsius Network

Crypto lender Celsius Network may be required to seek a new creditor vote on its proposed transition into a Bitcoin (BTC) mining business, according to a Reuters report.  Celsius Network Faces Potential Pushback Last week, Celsius Network announced its decision to streamline its post-bankruptcy operations solely focused on Bitcoin mining. This shift was prompted by […]

Celsius Network’s Bitcoin Mining Ambitions Hang In Balance Pending Critical Creditor Vote

A recent Reuters report unearthed a new development in the bankrupt cryptocurrency lending company Celsius Network’s bid to transform into a Bitcoin mining company. Reportedly, U.S. Bankruptcy Judge Martin Glenn pointed out the discrepancy between the creditors’ proposal and the revised deal of the company. Following Celsius Network’s collapse in 2022’s bearish market, the platform […]
The post Celsius Network Might Seek New Creditor Vote for Restructuring Plan appeared first on Coin Edition.

Celsius Network Might Seek New Creditor Vote for Restructuring Plan

Celsius says it has had dialogues with the Securities and Exchange Commission, which had publicly opposed its previous reorganization plan and settled on only mining BTC. [...]
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The post Celsius Network reorganization plan focuses on BTC mining appeared first on CoinGeek.

Celsius Network reorganization plan focuses on BTC mining

Celsius Network redefines its future in the crypto industry by transitioning to a mining-only company, following challenges from the SEC. The crypto industry is seeing increasing scrutiny, partly due to […]
The post Celsius Network To Become A Bitcoin Mining Company appeared first on BitcoinWorld.

Celsius Network To Become A Bitcoin Mining Company

Bankrupt crypto lender Celsius Network has revealed that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan. Celsius Transition To Mining NewCo Celsius Network‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing. In September, Celsius filed for a reimbursement plan as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of Celsius’ creditors voting in favor of this reimbursement plan. According to the recent court filing, the cryptocurrency company intends to convert its services into Bitcoin mining operations exclusively and the new company will be known as Mining NewCo. Related Reading: CFTC Investigators Conclude Celsius And Former CEO Violated Rules, Potential Case Looms In addition, the company seems to have forsaken its initial plan for the company’s future with Fahrenheit Group. The firm asserted that the transition was the primary business of the new company to be formed with Fahrenheit, LLC.  This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the “Fahrenheit NewCo”). The new company which was supposed to be known as Fahrenheit NewCo was formed after it purchased Celsius this year after it purchased Celsius in a bidding war. Celsius and the Fahrenheit Group initially came to a deal that the group would provide the firm with funds and operational expertise. Fahrenheit successfully acquired the firm’s assets this year.  In the meantime, the firm is in touch with certain parties in order to organize the management of the Bitcoin mining company. The SEC’s Imparted The Transition Move The firm’s plan to switch to a Bitcoin mining company was triggered by the United States Securities and Exchange Commission’s (SEC) feedback after the court confirmed its plan. The company also highlighted that the new mining company will be owned by its customers. Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing The filing stated: Celsius received feedback from the Securities and Exchange Commission (the “SEC”) on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the “Mining NewCo”). Additionally, the feedback seems to have also imparted the initial plan of transferring the firm’s assets to the Fahrenheit Group. As noted in the filing, Celsius estates will retain certain of the assets in order to be monetized by the plan administrator.  However, based on the SEC’s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the “Committee”), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius’s estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors. Featured image by Shutterstock, chart by Tradingview.com

Celsius Network’s Shift Towards Bitcoin Mining Plan

The United States Trustee in the Celsius bankruptcy case has raised objections against claims made by several parties asserting their “substantial contributions” to the bankruptcy proceedings of Celsius Network and its affiliates. Celsius Network’s bankruptcy journey began in July 2022, when it filed for Chapter 11 protection, a move later followed by its affiliates. A […]
The post US Trustee challenges $5 million claims by parties in Celsius bankruptcy case appeared first on CryptoSlate.

US Trustee challenges $5 million claims by parties in Celsius bankruptcy case

Crypto lender Celsius Network continues to face legal upheavals as it embarks on a new journey post-bankruptcy. Meanwhile, its native CEL token has seen a 40% increase in the past seven days.

CEL token enjoys uptick despite Celsius bankruptcy

Celsius Network is transforming into a Bitcoin mining firm in order to settle debts and avoid bankruptcy. Celsius Network, a cryptocurrency lender, has won judicial approval to transform into a […]
The post Celsius Network Turns To Bitcoin Mining to Resolve Bankruptcy and Repay Customers appeared first on BitcoinWorld.

Celsius Network Turns To Bitcoin Mining to Resolve Bankruptcy and Repay Customers

A US judge has approved a bankruptcy plan for a crypto lender that filed for bankruptcy in July 2022 after its token plummeted by 99% and it was unable to fulfill withdrawals. According to a recent court filing, the new plan from Celsius Network will generate funds for a new mining and staking corporate spinoff […]
The post Failed Crypto Lender Celsius To Create New Company for Creditors as US Judge Approves Bankruptcy Plan appeared first on The Daily Hodl.

Failed Crypto Lender Celsius To Create New Company for Creditors as US Judge Approves Bankruptcy Plan

More than a year after filing its application, Celsius Network received approval from the New York bankruptcy court for its restructuring plan. Creditors supported the restructuring and view with optimism the backing from companies like Coinbase, among others. This step will allow the cryptocurrency lending platform to move forward with its restructuring plan and emerge ... Read more

Celsius Network is Heading Towards Restructuring After Winning its Legal Battle

Failed crypto lender Celsius Network has received bankruptcy court approval for its plan to transform into a creditor-owned Bitcoin mining firm, as reported by Bloomberg.  The approval is part of a wider proposal aimed at repaying customers who have frozen their accounts for over a year. Celsius Network’s Path To Recovery US Bankruptcy Judge Martin […]

Celsius Network’s Bankruptcy Chapter Closes, Signals Revival For Crypto Lender

The failed crypto lending firm Celsius Network has been cleared to exit bankruptcy and enact its recovery plan, Bloomberg reported on Nov. 9. That report indicates that the company won approval in bankruptcy court to convert its business into a creditor-owned Bitcoin (BTC) mining firm. The plan will also see the company compensate users whose […]
The post Celsius cleared to exit bankruptcy and enact recovery plan appeared first on CryptoSlate.