Celsius Recovery Plan Faces SEC Roadblock

Celsius, the bankrupt crypto lender, has faced a setback in its recovery plan as the Securities and Exchange Commission (SEC) has requested more information about its assets, according to a source familiar with the matter. The discussions involve the SEC, the Celsius Creditors Committee, and the Fahrenheit Group. The source explained that the SEC is asking for specific details about various aspects of the business before making a determination. Celsius filed for Chapter 11 bankruptcy protection in July 2022 after a $2 billion shortfall was discovered in its balance sheet. In November, a New York judge approved a plan for Celsius to repay its debts through a new mining firm overseen by the Fahrenheit Group. However, this plan is still pending SEC approval. Read more AI-generated news on: https://app.chaingpt.org/news