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.
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