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Reuters) - Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit's proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy.

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Under the Plan, Celsius' account holders will own 100% of the new equity in NewCo," it said, adding that NewCo will be overseen by a new board of directors, a majority of which will be appointed by creditors.

Fahrenheit, a consortium that includes blockchain-based venture capital firm Arrington Capital, will provide the capital, management team and technology to establish and operate the new company (NewCo),

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.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}Reuters) - Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit's proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy.

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Reuters) - Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit's proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy.