The bankruptcy plan for Celsius has been approved. The way is now clear for customers to get some of their money back and to receive shares in the reorganized company, which will be called NewCo.
Judge Martin Glenn of the Southern District of New York Bankruptcy Court issued an order on November 9 confirming that the bankruptcy plan was overwhelmingly approved by Celsius creditors on September 27. Under the plan, approximately $2 billion in bitcoin (BTC) and ether (ETH) will be distributed to Celsius creditors, along with equity in NewCo. The company has said it hopes to begin repaying creditors by the end of the year.
