A plan to repay the creditors of Celsius Network, a crypto lending platform that filed for bankruptcy, has received overwhelming support from the affected parties.
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. https://t.co/9Z5xlBhNts @CelsiusUcc @FahrenheitHldg.
— Celsius (@CelsiusNetwork) September 25, 2023
The plan, which was filed by Stretto, a bankruptcy firm, on Sept. 25, got more than 98% approval from most of the creditor classes.
However, the plan still needs to be confirmed by a U.S. bankruptcy court in New York on Oct. 2.
The plan proposes to return about $2 billion worth of Bitcoin and Ether to the creditors, as well as to give them equity in a new company, provisionally named “NewCo.”