Celsius Network Advances Chapter 11 Restructuring Plan

Celsius Network's Restructuring Progress

Celsius Network, a bankrupt cryptocurrency lender, is advancing its Chapter 11 restructuring plan. This significant step involves preparing a disclosure statement to inform claim holders. This document is crucial for enabling stakeholders to make informed decisions about the proposed plan.

Disclosure Statement Details

Scheduled for filing on April 12, the disclosure statement aims to offer comprehensive information. This initiative comes in the wake of a March 31 court filing in the United States Bankruptcy Court for the Southern District of New York. The primary objective is to ensure claim holders have adequate details to cast their votes regarding the restructuring plan.

NovaWulf's Role in the Restructuring Plan

The restructuring plan is sponsored by NovaWulf, a key player in the proceedings. Their involvement underscores the strategic efforts to guide Celsius Network through its financial recovery. By aligning with NovaWulf, Celsius aims to navigate the complexities of the bankruptcy process effectively.

Implications for Claim Holders

For claim holders, the disclosure statement represents a pivotal resource. It serves as a foundation for understanding the restructuring efforts and implications for their claims. This step is integral to the overall restructuring strategy, ensuring transparency and facilitating informed voting.

Celsius Network's move towards transparency and structured recovery highlights its commitment to resolving its financial challenges. This development is a critical phase in the lender's journey towards potential stability and resolution.