{"id":5533,"date":"2023-09-27T09:09:35","date_gmt":"2023-09-27T09:09:35","guid":{"rendered":"https:\/\/lunu.io\/news\/?p=5533"},"modified":"2023-09-27T09:09:37","modified_gmt":"2023-09-27T09:09:37","slug":"breaking-95-of-celsius-creditors-back-restructuring","status":"publish","type":"post","link":"https:\/\/lunu.io\/news\/breaking-95-of-celsius-creditors-back-restructuring\/","title":{"rendered":"Breaking: 95% of Celsius Creditors Back Restructuring!"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">A Resounding Vote for Restructuring<\/h2>\n\n\n\n<p>More than 95% of Celsius creditors, spanning all eligible classes, have cast their votes in favor of the company&#8217;s restructuring plan. This significant decision took place on September 26, marking a pivotal moment in the firm&#8217;s Chapter 11 bankruptcy proceedings. The company has expressed its gratitude for the overwhelming support, deeming it a &#8220;testament to our collaborative efforts during Chapter 11.&#8221; With the confirmation hearing set for October 2, 2023, Celsius remains optimistic about receiving swift approval to continue on its path to emergence.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The voting results are in! Over 95% of creditors across all eligible classes voted to accept the Plan, a testament to our collaborative efforts during Chapter 11. <a href=\"https:\/\/t.co\/9Z5xlBhNts\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/9Z5xlBhNts<\/a> <a href=\"https:\/\/twitter.com\/CelsiusUcc?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@CelsiusUcc<\/a>  <a href=\"https:\/\/twitter.com\/FahrenheitHldg?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">@FahrenheitHldg<\/a>.<\/p>&mdash; Celsius (@CelsiusNetwork) <a href=\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1706430965701087676?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">September 25, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Road to Restructuring: A Brief Overview<\/h2>\n\n\n\n<p>Celsius&#8217;s journey to this point has been tumultuous. The company filed for bankruptcy in July 2022, a move that came on the heels of the Terra\/Luna ecosystem&#8217;s collapse. This was further exacerbated by a lawsuit from the Securities and Exchange Commission on July 13, 2022. The company&#8217;s CEO, Alex Mashinsky, faced arrest for charges including securities and wire fraud. Amidst these challenges, Roni Cohen-Pavon, a former executive of the cryptocurrency lender, pleaded guilty to four charges in September, agreeing to cooperate with investigators.<\/p>\n\n\n\n<p>The restructuring plan has its intricacies. A disclosure statement from mid-August revealed intentions to redistribute approximately $2 billion in Bitcoin and Ethereum to Celsius creditors. This would be facilitated through equity distribution via a new entity, temporarily named &#8220;NewCo.&#8221; This new establishment aims to expand the debtors&#8217; Bitcoin mining operations, stake Ethereum, and liquidate other non-liquid assets. The Fahrenheit Group, a conglomerate of crypto industry leaders and venture capital firms, will oversee NewCo&#8217;s management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Personal Take on the Matter<\/h2>\n\n\n\n<p>From my point of view, the overwhelming support for the restructuring plan signifies a collective hope for a brighter future for Celsius and its stakeholders. The company&#8217;s commitment to transparency, as evidenced by its regular updates and disclosures, is commendable. However, the road to recovery is fraught with challenges.<\/p>\n\n\n\n<p>On the positive side, the establishment of &#8220;NewCo&#8221; and its management by the reputed Fahrenheit Group offers a glimmer of hope. The proposed redistribution of a significant amount of Bitcoin and Ethereum to the creditors is a step in the right direction. Yet, some creditors remain skeptical, with concerns about the actual execution of the plan and the timeline for retrieving their funds.<\/p>\n\n\n\n<p>As I see it, while the vote is a significant milestone, the true test lies in the successful implementation of the restructuring plan. The upcoming confirmation hearing will be a crucial determinant of the company&#8217;s future trajectory.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Resounding Vote for Restructuring More than 95% of Celsius creditors, spanning all eligible classes, have cast their votes in favor of the company&#8217;s restructuring plan. This significant decision took place on September 26, marking a pivotal moment in the firm&#8217;s Chapter 11 bankruptcy proceedings. The company has expressed its gratitude for the overwhelming support, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5535,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[53,54],"tags":[],"class_list":["post-5533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto"],"_links":{"self":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/comments?post=5533"}],"version-history":[{"count":1,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5533\/revisions"}],"predecessor-version":[{"id":5547,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/5533\/revisions\/5547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media\/5535"}],"wp:attachment":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media?parent=5533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/categories?post=5533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/tags?post=5533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}