Celsius, the bankrupt cryptocurrency platform, is fighting to get final approval in court to start customer payments by the end of the year and get full approval for its restructuring plan. It was stated that a new company, NewCO, would emerge with seed financing of approximately $450 million once the restructuring is approved. 📄

The repayment to debtors will include a combination of $2.03 billion in Bitcoin and Ethereum and shares in the new company formed after the restructuring. NewCo aims to improve its business by offering a user-owned Bitcoin miner. ⛏️

The document filed by Celsius said most creditors approved of the proposed restructuring plans: "The plan appears to be supported by more than 95% voting account holders, both in number and dollar amount." Restructuring will begin once plans are approved.

Judge Martin Glenn must decide whether to approve Celsius' restructuring plan. However, even if the judge approves this plan, it still needs to pass security reviewers before it becomes official.

If the restructuring is approved, this would be the first crypto company to be reborn after last year's crash. This comes as Celsius founder Alex Mashinsky is facing legal troubles of his own, with accusations of fraud.