TechFlow news — According to Bloomberg, the bankrupt cryptocurrency lending firm Celsius Network LLC has received court approval to begin polling account holders on its proposal to relaunch through debt-for-equity swaps and repay approximately $2 billion worth of bitcoin and ether. On Monday, U.S. Bankruptcy Judge Martin Glenn said he would allow Celsius to start sending ballots and other voting materials to account holders, aiming to explain the company's repayment plan in clear and understandable language. Glenn stated that his approval is contingent upon the company’s advisors providing further information regarding volatility in the crypto industry and potential obstacles to its cryptocurrency mining operations.
During the hearing, Celsius attorney Chris Koenig said the company expects to begin repaying creditors by the end of 2023.
