Topline
Celsius Network, the former cryptocurrency lender, ended its bankruptcy case on Thursday after a judge ruled in favor of its plan to become a creditor-owned bitcoin mining company, over a year after the company’s bankruptcy filing came amid an unstable period for cryptocurrency firms.
The failed crypto lender owes about $4.7 billion to more than 100,000 creditors.
Key Facts
Judge Martin Glenn issued an opinion on Thursday in support of Celsius’s plan, which will create a new company around Celsius’s crypto mining and staking activities to repay its creditors.
Celsius will partially repay customers whose accounts have been frozen since the company filed for bankruptcy in July 2022, according to the opinion, in addition to repaying those customers through a combination of cryptocurrency and stock in the new company.
The new company, NewCo, will be funded…
