Celsius: Company expected to emerge from bankruptcy in early 2024
On December 29th, the bankrupt cryptocurrency lending platform Celsius stated that it is expected to emerge from bankruptcy in early 2024.
As previously reported by BlockBeats, on December 28th, the United States Bankruptcy Court for the Southern District of New York approved Celsius and its affiliated debtor "MiningCo Transaction" as part of Chapter 11 bankruptcy proceedings.
The court's decision paved the way for Celsius to continue transactions aimed at stabilizing and restructuring the company's operations, which involves the formation of a "public company focused on Bitcoin mining." MiningCo Transaction includes a cash capitalization of $225 million for the new entity (NewCo) and the transfer of certain mining assets to NewCo, excluding Core Rhodium, Mawson, and Luxor assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump Backs Crypto at Summit with Bold Plans
Trump reveals crypto reserve strategy, stablecoin regulation, and U.S. leadership goals at crypto summit.Clear Rules Ahead: Stablecoin Regulation FrameworkMaking the U.S. the Global Crypto Capital
Bitnomial Launches First XRP Futures Contracts in US
Bitnomial introduces the first CFTC-approved XRP futures in the US, offering physically settled contracts to crypto traders.What This Means for Crypto TradersGrowing Regulatory Confidence in XRP
TRX Tokens Now Live on Solana Blockchain
TRX officially launches on Solana, offering faster, cheaper transactions for users and new opportunities for cross-chain DeFi.TRX Launches on Solana NetworkWhat This Means for TRX UsersThe Future of Cross-Chain TRX Usage
Canary files for PENGU ETF
Trending news
MoreCrypto prices
More
