Popular on Rezul
- Don Barnhart Nominated for Best Comedian and Delirious Comedy Club Nominated for Best Comedy Club in Las Vegas
- Dr. Joon W. Park Publishes Groundbreaking Clinical Research on Optimizing Single Implant Placement in Healed Sites
- Positive Clinical Results with Promising Gene Therapy Treatment for Late Stage Lung Cancer; Life-Changing Developments for Cancer & Diabetes: GNPX
- Aortem, Backed by Venturseed, Transforms Mobile and Gaming Development with an Open Source Platform and Expanding Developer Tools
- Cooking with Claudine Re-Launches in September with Fresh, Organic, and Gluten-Free Meal Delivery in the San Francisco Bay Area
- Pitch Black Appoints Paul Richards as Chief Technology Officer (CTO)
- Phoenix Theory Unveils Revolutionary Perspective on Quantum Entanglement, Causality and Particle Physics
- Kuester Management Group Details Considerations When Creating HOA Rules
- Burson Home Advisors Transforms Home Selling with a Fresh, Community-Focused Approach
- Emily Roeckle, PHR, New Director Of People And Culture For Hunters Run CC
Similar on Rezul
- Webinar Announcement: Creative Methods for Tracing Assets
- GoGo Roofing Introduces Expanded Services: Now Offering Roofing Solutions in New Georgia Communities
- Inframark Announces New Chief Financial Officer
- Diversified Industrial Acquisition Agreement, Plus Major Contract Award for Large Fleet Trucking Provider: MingZhu Logistics: Stock Symbol: YGMZ
- The Ripple Effect Arts, has launched its latest product, Organic Wild Yam Cream, capitalizing on the company's recent viral success on TikTok
- Phinge's Plan to Save Free Speech and Give Everyone the Right to Personal Privacy and Ownership and Monetization of Their Online Data and Content
- African-American Marketing Association Launches Business of Marketing Bootcamp™ for Small Businesses
- L2 Aviation Announces Strategic Growth Investment from Argentum
- WOHLER Announces its NEW iAM1-MIX8 Next Generation MIX Series Solution @ IBC 2024
- Join Us at the 136th Canton Fair from October 15th to 19th, 2024!
Celsius to Transition to Mining-Only NewCo following Bankruptcy Court's Confirmation of Plan
Rezul News/10650158
HOBOKEN, N.J.--(BUSINESS WIRE)--On November 9, 2023, the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed Celsius Network LLC's ("Celsius" and together with its debtor affiliates, the "Debtors") chapter 11 plan (the "Plan").
Following confirmation, Celsius received feedback from the Securities and Exchange Commission (the "SEC") on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the "Mining NewCo"). This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the "Fahrenheit NewCo"). However, based on the SEC's feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the "Committee"), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius's estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.
Celsius is in discussions with certain parties regarding the terms and conditions of the future management of the Mining NewCo. More details will be provided as soon as they are available. Although negotiations are ongoing, due to the reduction in scope and scale of the Mining NewCo when compared to the Fahrenheit NewCo, the Debtors expect that the aggregate fees and other economic incentives to be paid to the operators of the Mining NewCo will be lower than the aggregate fees and economic incentives associated with the Fahrenheit NewCo, and that the amount of liquid cryptocurrency to be available for distribution directly to customers will be greater than the amount that would have been distributable had the Debtors moved forward with the Fahrenheit NewCo.
More on Rezul News
In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction. The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.
Additional Information about the Restructuring Process
The full terms of the Plan and Disclosure Statement, as well as additional information about the chapter 11 filing, including court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to the Debtors.
More on Rezul News
White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Committee.
About Celsius
Celsius is a global cryptocurrency platform and a well-recognized leader in Bitcoin mining. For additional information on the company, please visit http://www.celsius.network. For additional information on Celsius' ongoing chapter 11 cases, please visit http://www.cases.stretto.com/celsius.
Contacts
Media Inquiries
C Street Advisory Group
celsius@thecstreet.com
Following confirmation, Celsius received feedback from the Securities and Exchange Commission (the "SEC") on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the "Mining NewCo"). This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the "Fahrenheit NewCo"). However, based on the SEC's feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the "Committee"), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius's estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.
Celsius is in discussions with certain parties regarding the terms and conditions of the future management of the Mining NewCo. More details will be provided as soon as they are available. Although negotiations are ongoing, due to the reduction in scope and scale of the Mining NewCo when compared to the Fahrenheit NewCo, the Debtors expect that the aggregate fees and other economic incentives to be paid to the operators of the Mining NewCo will be lower than the aggregate fees and economic incentives associated with the Fahrenheit NewCo, and that the amount of liquid cryptocurrency to be available for distribution directly to customers will be greater than the amount that would have been distributable had the Debtors moved forward with the Fahrenheit NewCo.
More on Rezul News
- NEMTAC Announces New Board of Directors Officers for 2024-2025
- Dehy Mills Welcomes Two New Board Members to Support Future Growth
- The Mogharebi Group Arranges Record $56 Million Sale of Bakersfield Multifamily Community
- Unique 4-Unit Multifamily Property Sold in Encinitas by Apartment Realty Group
- Prometheus Electric Launches Updated Homepage to Showcase the Full Range of Its Offerings
In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction. The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.
Additional Information about the Restructuring Process
The full terms of the Plan and Disclosure Statement, as well as additional information about the chapter 11 filing, including court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to the Debtors.
More on Rezul News
- Stars of Netflix's 'Skywalkers:A Love Story' Scale World's Tallest Bridge Inspired by $DOGS Community
- CCHR: "Family Estrangement" Used to Detain and Abuse Children in Psych Hospitals
- Local Bus Tour Empowering Future Homeowners In BIPOC Communities
- What To Do In Brevard County This Fall
- Unlock Your Dream Home with Amy Hansen: St. George's Trusted Real Estate Expert
White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Committee.
About Celsius
Celsius is a global cryptocurrency platform and a well-recognized leader in Bitcoin mining. For additional information on the company, please visit http://www.celsius.network. For additional information on Celsius' ongoing chapter 11 cases, please visit http://www.cases.stretto.com/celsius.
Contacts
Media Inquiries
C Street Advisory Group
celsius@thecstreet.com
0 Comments
Latest on Rezul News
- Haverhill Estates Marks Pulte Homes' Latest Georgia Expansion
- Messageware Z-Day Guard v1.5 Expands MDR Security to Azure, Exchange, and Windows Servers
- Garden City Realty announces Douglas Morris and Brecken Fox are Top Agents of the Month
- The Ripple Effect Arts, has launched its latest product, Organic Wild Yam Cream, capitalizing on the company's recent viral success on TikTok
- Prince of Eurasia: Monotheism and Devils — the ultrarare Eurasian theological documentary of executive producer Prince Oak Oakleyski
- Maui Luxury Team Explains NAR Updates
- Vimaan Named in the Gartner® Hype Cycle™ Reports, 2024 for Autonomous Data Collection and Inspection
- Vantiva Unveils ONYX, its latest Smart Media Device with Advanced AI Capabilities at IBC 2024
- Aortem, Backed by Venturseed, Transforms Mobile and Gaming Development with an Open Source Platform and Expanding Developer Tools
- NRx Pharmaceuticals NRXP: Prominently Featured in Psychiatrist.com; Article Titled "How NRx Could Upend the Fight Against Depression and Suicide"
- Hollywood In Pixels, Inc. Announces the 7th Silver Pixel Awards
- Joan Brothers of Manhattan Boutique Real Estate Supports Goldman Sachs 10,000 Small Businesses Initiative in Times Square, NYC
- BKM Capital Partners Releases New White Paper Highlighting Multi-Tenant Light Industrial Sector Performance
- Policy vs Politics Rebrands to Everything Policy: A New Era of Facts-first Policy Content
- GitKraken Launches DevEx Advance Partner Program to Help Atlassian Solution Partners Elevate Their Clients' Developer & DevOps Team Productivity
- Triple Diamond Construction Releases Free Online Guide With Essential Roof Maintenance Tips for Fall
- Phinge's Plan to Save Free Speech and Give Everyone the Right to Personal Privacy and Ownership and Monetization of Their Online Data and Content
- Peder Hulse Joins Hilliker Corporation as a Broker
- The Royalty Network and CEO Frank Liwall Appoint Daniel Abowd as New President & General Counsel
- GreenPointe Developers Welcomes Megan Maldonado as Developed Real Estate Manager