During a hearing on October 2, the cryptocurrency loan company Celsius Network requested court approval for its restructuring plan with the intention of starting client repayments before the end of the year. Christopher Koenig, the legal representative for Celsius, announced in his opening remarks that the legal proceedings will provide $450 million in seed money for a new firm dubbed “NewCo.” Additionally, a document from September 29 revealed that Celsius intends to partially recoup creditors using $2.03 billion in Bitcoin and Ethereum as well as fresh business shares.
The restructuring plan for Celsius needs clearance from security regulators as well, and the judge presiding over the case is deciding whether to do so. Although the majority of creditors have authorised and supported the restructuring plan, there is still opposition from some of its creditors