According to Foresight News, cryptocurrency lending company Celsius Network sought court approval for its restructuring plan during a hearing on October 2, with plans to begin repaying customers by the end of the year. Celsius's legal counsel, Christopher Koenig, stated in his opening remarks that a new company called 'NewCo' would receive $450 million in seed funding from the litigation process. Additionally, a document from September 29 showed that Celsius plans to use $2.03 billion in Bitcoin and Ethereum, as well as new company shares, to partially repay creditors.
The judge overseeing the case is considering whether to approve Celsius's restructuring plan, which also requires approval from security regulators. Although the restructuring plan has received support from the majority of creditors and has been approved, it still faces opposition from some creditors.