Celsius loan creditors to appeal restructuring plan to recover collateral: sources

Creditors who took out loans from Celsius are consulting with “several” lawyers to try to appeal its restructuring plan, people familiar with the matter said. Because they believe the agreement is too biased in favor of some creditors, the existing plan significantly reduces the amount of recovery for customers who hold bankruptcy assets in their loan accounts. These creditors hope to recoup some of the funds they used as collateral on Celsius. Weil Restructuring said it is unclear whether loan users will be able to appeal because bankruptcy law sets deadlines for filing appeals. Celsius Loan creditors said they have not yet set a timeline for filing a potential legal challenge, noting that they are still in the preliminary stages of exploring various options. One source said Celsius's main loan creditors will provide funding for any upcoming legal actions by the group. (The Block)