Crypto lender Celsius is facing a Chapter 11 bankruptcy with multiple parties making billions of dollars in claims. Bank of the Future estimates that Celsius could repay all USD claims if the prices of Bitcoin and Ether, the two assets the firm holds, double from their current prices.
The new restructuring plan under Fahrenheit includes mining, institutional loans and investments valued at approximately $1.4 billion along with $450 million in liquid crypto. Celsius appealed in court to convert all its altcoins into Bitcoin and Ether in June to maximize the value of assets. Creditors should aim to exit the bankruptcy proceedings before the end of 2023 or before the estimated mark is hit to avoid another "rug pull."
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