Celsius bankruptcy recovery plan approved It is now clear that customers will see some of their funds returned. and receive shares in companies that have been restructured which will be called NewCo
Judge Martin Glenn of the Southern District of New York Bankruptcy Courtgot outThe statement confirmed on Nov. 9 that the bankruptcy recovery plan was overwhelmingly approved by Celsius’ creditors on Sept. 27. Under the plan, approximately $2 billion in Bitcoin and Ether will be released. It will be distributed to Celsius creditors along with shares in NewCo, with the company hoping to begin repaying creditors by the end of the year.
Many Celsius creditors participate in the Earn program, allowing them to earn weekly rewards by holding locked-up CEL tokens for one year. As Judge Glenn wrote in his decision:
“Nothing in this Order or any Plan constitutes a court decision under any securities law that the CEL Token or the Earn Program is a security.”
refer : cointelegraph.com
picture coiningape.com
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