{"id":64125,"date":"2023-11-10T08:19:29","date_gmt":"2023-11-10T12:19:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=64125"},"modified":"2023-11-10T08:20:17","modified_gmt":"2023-11-10T12:20:17","slug":"crypto-lender-celsius-network-cleared-to-exit-bankruptcy","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-lender-celsius-network-cleared-to-exit-bankruptcy\/","title":{"rendered":"Crypto Lender Celsius Network Cleared to Exit Bankruptcy"},"content":{"rendered":"\n

Celsius Network is rebranding as a Bitcoin mining company<\/a> and vowing to pay back customers and avoid bankruptcy.<\/p>\n\n\n\n

\"Crypto
Crypto Lender Celsius Network Cleared to Exit Bankruptcy<\/figcaption><\/figure>\n\n\n\n

The court has granted Celsius Network, a cryptocurrency lending platform, permission to become a Bitcoin mining business that its creditors control. This move is part of a larger plan to reimburse account owners for money that hasn't been accessible for more than a year.<\/p>\n\n\n\n

Thursday, the U.S. Bankruptcy Court<\/a> for the Southern District of New York confirmed this tactic. After the company's financial collapse last year, the approval marks a turning point for the business. Celsius representatives said that by early next year, the platform might start distributing assets.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/CelsiusNewCo\/status\/1722665883565224428\n<\/div><\/figure>\n\n\n\n

The company's restructuring plan offers an escape from Chapter 11 bankruptcy<\/a> and has received strong support from its creditors. This is despite earlier charges of wrongdoing made against several former corporation employees.<\/p>\n\n\n\n

However, some of its clients are skeptical about the planned switch to Bitcoin mining operations, and it still has to overcome regulatory obstacles. Celsius has stated that the SEC's clearance is required and that, in the event that the mining venture fails, a different strategy for liquidation may be implemented.<\/p>\n\n\n\n

The case's presiding judge has requested that the SEC make a decision on Celsius's plan to re-establish itself as a publicly traded Bitcoin mining company as soon as possible.<\/p>\n\n\n\n

The court's approval of Celsius's exit strategy ends a trial that lasted for several weeks, during which clients questioned the company's new management and voiced concerns about the bankruptcy plan as well as the associated expenses of going through Chapter 11. <\/p>\n\n\n\n

One area of disagreement is still the alleged undervaluation of the Celsius CEL token\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which is essential to distributing to the company's creditors shares and digital assets in the upcoming Bitcoin mining project.<\/p>\n","protected":false},"excerpt":{"rendered":"

Celsius Network is rebranding as a Bitcoin mining company and vowing to pay back customers and avoid bankruptcy. The court has granted Celsius Network, a cryptocurrency lending platform, permission to become a Bitcoin mining business that its creditors control. This move is part of a larger plan to reimburse account owners for money that hasn’t […]<\/p>\n","protected":false},"author":43,"featured_media":64127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10893,4461],"class_list":["post-64125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-celsius-network"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/croc_1699616921299.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=64125"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/64125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/64127"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=64125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=64125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=64125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}