In a pivotal moment for Celsius Network LLC and its affiliates, the Southern District of New York Bankruptcy Court has issued a confirmation order for the modified joint Chapter 11 Plan of the crypto lender. The approval sets the stage for a significant overhaul following the tumultuous financial whirlwind that ensnared the firm.
The Long Road to Reorganization
After filing for Chapter 11 bankruptcy protection on July 13, 2022, for most debtors, and on December 7, 2022, for the GK8 debtors, Celsius has maintained its business decisions under the court’s supervision. Two months ago, Alex Mashinsky, the ex-CEO of Celsius Network, submitted a request for the dismissal of the lawsuit brought against him by the Federal Trade Commission (FTC).
Celsius’s journey through bankruptcy has been marked by critical milestones, including the court-sanctioned bidding procedures to sell its assets. Notable among these was the successful bid by Galaxy Digital for the firm’s GK8 assets, underscori
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