Celsius creditors will vote on the "asset sale plan to the Fahrenheit consortium", expecting to recover 67% to 85% of assets

Odaily Planet Daily News A judge approved Celsius's disclosure statement on Thursday, creditors are expected to recover 67%-85% of assets, and Celsius will vote on its plan to sell assets to the Fahrenheit consortium. Under the Chapter 11 process, "we remain focused on achieving the best possible outcome for our clients and creditors and returning asset value as quickly as possible," the company's interim chief executive Chris Ferraro said in an emailed statement. The process began in July 2022 and is overseen by New York bankruptcy judge Martin Glenn. Creditors will vote between Aug. 24 and Sept. 22 on the plan, which involves the sale of assets to the Fahrenheit consortium. Court documents show that returns to creditors can range from 67% for Earn account holders to 85.6% for Celsius lending program participants, mostly in BTC and ETH, compared to just 47% for asset liquidations. (CoinDesk) Earlier news, Celsius plans to set up a new company owned by creditors and distribute about $2 billion in Bitcoin and Ethereum. The plan has received permission from the bankruptcy court to conduct customer voting.