-
Celsius Proposes Restructuring to Offer One-Time ‘Meaningful Recovery’ Payout for Most Creditors
Lawyers for Celsius Network said Tuesday that the bankrupt crypto lender is planning to reinvent itself as a new, publicly traded “recovery corporation” in order to exit the bankruptcy process – something they said could happen in “months.” Under the newly unveiled plan – which has yet to receive approval from the U.S. Trustees Office or other regulators – creditors with locked assets above a certain threshold would receive a token, called the Asset Share Token (AST), that reflects the value of their assets. AST holders would either be able to hold their tokens, which lawyers said would entitle them to ... (full story)