According to the Daily Planet, on Thursday, a judge approved Celsius's disclosure statement, creditors are expected to recover 67%-85% of the assets, and Celsius will vote on its plan to sell assets to the Fahrenheit consortium. Chris Ferraro, the company's interim CEO, said in an email statement that under the Chapter 11 procedure, "we remain focused on creating the best results for customers and creditors and returning asset value as quickly as possible." The procedure began in July 2022 and is supervised by New York Bankruptcy Judge Martin Glenn.
Creditors will vote on the plan, which involves selling assets to the Fahrenheit consortium, between August 24 and September 22. Court documents show that creditors’ returns could range from 67% for Earn account holders to 85.6% for Celsius lending program participants, primarily in the form of BTC and ETH, while the return rate for asset liquidation is only 47%.
