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Home General News

Celsius Will Issue A New Token To Repay Creditors

Hania by Hania
January 24, 2023
in General News
Reading Time: 3 mins read
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Court Gives Celsius A New Deadline For Its Restructuring Plan
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  • Celsius Prepares For A New Beginning

Celsius is now coming up with a strategy to introduce a new token that will pay off its debts and allow the company to escape from bankruptcy.

In accordance with statements submitted by Celsius in court on Tuesday, the cryptocurrency lending company is considering about creating a new digital asset token to pay creditors as part of its plan to restructure and emerge from bankruptcy as an impending authorized cryptocurrency platform.

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A Brand-New Celsius Token?

Ross M. Kwasteniet, the business’s attorney, claimed during a video court proceeding that selling assets, which are challenging to liquidate at the current rates available, would generate more revenue for creditors than reforming Celsius into a publicly traded company that is fully permitted.

Creditors, including Celsius clients who have cryptocurrency stored on the company’s platform, would first vote on the restructuring proposal. The decision to approve or reject the proposal would next be made by U.S. Bankruptcy Judge Martin Glenn after considering the outcome of that vote.

According to Kwastenet, the company tried to sell itself as a working corporation while simultaneously looking for offers for its assets after the cryptocurrency lending giant Celsius declared bankruptcy the previous year.

Celsius Will Issue A New Token To Repay Creditors.

The bids made for the individual assets, however, are not enticing enough. Instead, Celsius has been in talks about creating a new company and giving creditors a new token as part of a settlement with a number of creditor organizations.

The proposals for the individual assets have not been found to be convincing.

Celsius Prepares For A New Beginning

Additionally, Kwasteniet stated that the corporation would deliver court documents later this week that detailed its objectives. Furthermore, he continued, any new company would be structured around its assets, which would include tens of thousands of cryptocurrency mining devices in addition to a portfolio of loans and other investments.

The company’s financial adviser discussed cryptocurrency mining during the hearing, emphasizing how rapidly the industry has expanded recently.

Tags: celsius bankruptcrypto news
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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