Southern District Court Greenlights Celsius Network’s Financial Overhaul
In a pivotal moment for Celsius Network LLC and its affiliates, the Southern District of New York Bankruptcy Court confirmed the modified joint Chapter 11 Plan, paving the way for a significant overhaul post-financial turbulence.
Following the Chapter 11 filing in July and December 2022, Celsius navigated the bankruptcy journey under court supervision. Noteworthy milestones included Galaxy Digital’s successful bid for GK8 assets, signaling a strategic shift in asset management. The culmination of a pivotal auction in April, with Fahrenheit LLC as the successful bidder, marked a turning point in reorganization efforts.
The chief restructuring officer, Christopher Ferraro, highlighted the iterative refinement of the Chapter 11 Plan, leading to its approval and concluding a challenging period. Speculations about a resurgence under new management abound, with Celsius’s native token, CEL, showing stability amidst bankruptcy news. This contrasts with FTT, experiencing an 80% surge based on hearsay. This week, CEL saw a 6.3% increase, climbing 70% over the last month, currently valued at $0.23.
Clever Robot News Desk 12th November 2023
