Summary:
Crypto lender Celsius is seeking approval from its creditors to sell its assets to Fahrenheit Group in a plan that could see creditors receive up to $2 billion. The proposal will be voted on between August 24 and September 22, with the final decision to be determined by the court in October. Celsius customers have the option to opt-out if they are not comfortable with the arrangement. The deal, which was won by Fahrenheit for $2 billion, would distribute assets to Arrington Capital and other companies within the consortium. The restructuring plan includes returning Bitcoin and Ether to creditors, equity shares in the new company, and forfeitures from the founder and ex-CEO. The deal is seen as favorable by most observers in the crypto community.
Key Points:
– Celsius is seeking approval from its creditors to sell its assets to Fahrenheit Group in a plan that could result in creditors receiving up to $2 billion.
– The proposal will be voted on between August 24 and September 22, with the court making the final decision in October.
– Customers have the option to opt-out if they are not comfortable with the arrangement.
– Assets would be distributed to Arrington Capital and other companies within the Fahrenheit consortium.
– The restructuring plan includes returning Bitcoin and Ether to creditors, equity shares in the new company, and forfeitures from the founder and ex-CEO.
A New Structure Emerges:
The plan to restructure Celsius is viewed positively by most crypto observers, although the final decision lies with the creditors. The arrangement would provide creditors with returns in the form of cryptocurrencies, equity shares, and forfeitures. The deal also includes a commitment of $50 million from Fahrenheit to the new company and the possibility of listing on Nasdaq. This deal offers a solid outcome for all parties involved, particularly the creditors who have the chance to secure their assets after Celsius filed for bankruptcy last year.
Hot Take:
The proposed sale of Celsius assets to Fahrenheit Group appears to be a positive development for the crypto lender and its creditors. If approved, this plan could provide significant returns to creditors and bring the bankruptcy proceedings to a close. The involvement of Arrington Capital and the potential listing on Nasdaq further enhance the potential value of this deal. While there may still be some uncertainties, the overall outlook for the restructuring of Celsius looks promising.
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