Celsius entity to focus only on mining under proposed reorganization plan
Debtors for Celsius Network said they will file a motion in bankruptcy court to approve a plan for the ‘NewCo’ entity to focus on Bitcoin mining....
- Cryptocurrency lending firm Celsius will focus solely on Bitcoin mining after receiving feedback from the SEC.
- The company's restructuring plan will establish a new entity called 'Mining NewCo' that will be publicly traded and owned by Celsius customers.
- Assets previously intended for transfer to 'Fahrenheit NewCo' will now be retained by Celsius.
- The company expects to file a motion with the Bankruptcy Court to approve modifications to the plan reflecting the new transaction.
- Distributions to creditors are anticipated to begin in January 2024.
The sentiment of the article is neutral, providing factual information about Celsius' decision to focus on Bitcoin mining and the related restructuring plan.