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
With XRP Under Pressure, Major Investors Shift Focus to this Rising Altcoin
Fermion Protocol Redefines Luxury Ownership with $1M Dolce & Gabbana Glass Suit Fractionalization
Why Altcoins Can’t Make the Expected Mega Bullish Move? Analyst Reveals the Main Reason
While Bitcoin is trading near all-time highs, why are many altcoins nowhere near record highs?
Spot Litecoin ETF Under SEC Review Added to DTCC List – What Does It Mean?
Canary's spot Litecoin ETF has been included in the DTCC's ETF list.
Trending news
MoreCrypto prices
More
