The proposal filed proposed allocating $450 million to start up a new company.
Dubbed NewCo, it will concentrate on Bitcoin mining and staking.
After a judge in Delaware bankruptcy court accepted Celsius Network’s customer payback plan on Thursday, the defunct crypto lending firm is on pace to emerge from bankruptcy.
The proposal, filed with the bankruptcy court on October 2, proposed allocating $450 million to start up a new company. Dubbed NewCo, it will concentrate on Bitcoin mining and staking while being controlled by Celsius’ once-rejected customers and creditors.
Former CEO and co-founder Alex Mashinsky lost control of Celsius after cryptocurrency prices plummeted last summer, joining several other prominent cryptocurrency companies. The bankrupt corporation was managing $25 billion in assets in October of 2021.
Maximizing Liquidity for Creditors
Following the Fahrenheit Group’s successful attempt to acquire Celsius in May, the consortium will now serve as the company’s
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