Celsius Network, a crypto lending company, has moved a step closer to exiting bankruptcy under a plan that would give its creditors control of its remaining assets.
The company got approval from a U.S. bankruptcy judge on Monday to send its restructuring proposal to creditors for voting.
The plan has the backing of the official committee of junior creditors, but some creditors are against it.
The plan would also return some crypto deposits to retail customers.
Celsius filed for Chapter 11 in July 2022, after the COVID-19 pandemic fueled the expansion and collapse of several crypto lenders.
Under the plan, the company’s bitcoin mining and staking operations would be transferred to the Fahrenheit Group, a group of investors that includes Arrington Capital, a blockchain-focused venture capital firm.