PANews reported on November 10 that according to Bloomberg, the U.S. bankruptcy court has approved a plan by crypto lending company Celsius Network LLC to transform into a creditor-owned Bitcoin mining company. About $2 billion worth of Bitcoin and Ethereum will be redistributed to Celsius creditors along with NewCo's equity. Celsius lawyers said the platform may begin distributing assets early next year.
The transformation plan must also be approved by the SEC, and if all goes according to plan, the new company will be publicly listed. If the proposal is not approved, Celsius may move to liquidation. The judge urged the SEC to make a quick decision on Celsius' transformation plan.
