TechFlow news — The Official Committee of Unsecured Creditors of Celsius has tweeted that the debtors have filed the disclosure statement for their joint Chapter 11 plan of reorganization. A hearing to review this disclosure statement is scheduled for August 10, during which the court will determine whether the disclosure provides creditors with sufficient information to make an informed vote on the plan. The court will also decide whether the debtors are authorized to solicit votes on the plan and will set a date for the confirmation hearing. The debtors have requested that the confirmation hearing be scheduled for September 29.
On July 17, the debtors, the creditors’ committee, the ad hoc group of borrowers, and certain Earn creditors will participate in mediation before Judge Wiles regarding the relative treatment of Earn and loans under the plan. The committee hopes the parties can reach an agreement on how to fairly distribute property value among creditors. On July 19, the debtors, the committee, and the Fahrenheit Consortium plan to discuss the proposal via a Twitter Space session.
