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During a court hearing, the insolvent crypto lender Celsius said that it plans to start repaying its customers by the end of 2023. 

During an October 2 hearing, cryptocurrency lender Celsius told a judge it plans to start paying its customers by the end of the year. 

Celsius Aims to Start Repayments by End 2023

During its October 2 bankruptcy hearing, Christopher Koenig, legal counsel for insolvent crypto lender Celsius, told a judge that the firm is seeking court approval to start making payments to its customers by the end of 2023.  

#Celsius will distribute at least $2.03B of crypto to Creditors.
Meanwhile, NewCo will be seeded with up to $450 million in crypto.

— Celsius NewCo Community (@CelsiusNewCo) October 2, 2023

Celsius creditors recently voted in favour of the firm’s reorganization plan, which could see them recover between 67% and 85% of their holdings. A critical element of Celsius’s restructuring plan is a new company called NewCo. According to a filing, NewCo has $450 million in seed funding focused on Bitcoin mining and staking. In the filing presented at the confirmation hearing, Celsius’ restructuring plan has the support of over 95% of its creditors:

“The Debtors arrive at Confirmation with a Plan that has the support of over 95% of voting Account Holders by both number and dollar amount.” 

The newly established firm w

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Author: Jana Serfontein

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