Court confirms Celsius bankruptcy exit plan, $2B in crypto to go to creditors

The Celsius bankruptcy plan has been approved. The path is now clear for customers to see some of their funds returned and receive shares in the reorganized company, which will be called NewCo.

Judge Martin Glenn of the Southern District of New York Bankruptcy Court issued a confirmation on Nov. 9 that the bankruptcy plan was approved by Celsius creditors overwhelmingly on Sept. 27. Under the plan, around $2 billion in Bitcoin (BTC) and Ether (ETH) will be redistributed to Celsius creditors along with equity in NewCo. The company has said it hoped to begin reimbursement of creditors by the end of the year.

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