Celsius Bankruptcy Plan Receives Strong Creditor Support

The Big Vote

In a development that has creditors chuckling with glee, the Celsius bankruptcy plan has been given the thumbs-up with an astonishing support rate of over 95%. According to a filing from the bankruptcy firm Stretto, more than 98% of the classes have decided that the plan deserves a standing ovation. Talk about a resounding ‘yes’! It seems the creditors have finally found their collective voice, and it’s one filled with optimism for a return of their funds.

What Happens Next?

Despite the excitement, there’s still a hurdle to cross. The plan requires a final seal of approval at the confirmation hearing scheduled for October 2 at the United States Bankruptcy Court in New York. It’s the moment of truth where dreams transform into reality, or at least into a new corporate structure called “NewCo.” Yes, you heard that right—the name is still in the brainstorming phase.

The Nitty-Gritty of the Plan

As per the details released on August 17, creditors are looking forward to recouping a staggering $2 billion in Bitcoin (BTC) and Ether (ETH). It sounds like a Crypto Christmas for many! Furthermore, the plan includes handing out equity in the newly dubbed “NewCo.” This fresh entity will not only manage Bitcoin mining operations but will also stake Ethereum and monetarily juggle the rest of Celsius’s assets. A hefty to-do list for “NewCo” to tackle, wouldn’t you say?

Meet NewCo’s Management

At the helm of the new company will be the Fahrenheit Group, comprising a colorful consortium of crypto aficionados. Leadership includes notable names like former CEO of Algorand, Steven Kokinos, and the venture capital powerhouse, Arrington Capital. With such a star-studded cast, who needs Hollywood? Their mission will be to turn things around in the crypto-space, one illiquid asset at a time.

The Road to Recovery

Let’s not forget, Celsius wasn’t just a minor hiccup in the crypto saga—it was one of the epic falls during the 2022 bear market, declaring bankruptcy on July 14, 2022, which sent shockwaves across the digital landscape. The aftermath saw the U.S. Securities and Exchange Commission firing shots at Celsius’s former CEO, Alex Mashinsky, accusing him of raising scandalous amounts through crafty schemes. Talk about breaking the bull market’s trust!

In conclusion, while the creditors may still hold their breaths until October 2, there’s a noticeable wave of confidence rippling through the community as they prepare for potential payouts and a brand-new crypto venture to rise from the ashes of the former Celsius Network. In this volatile market, who knows? Maybe the phoenix will make an epic comeback!