Former Algorand CEO Steve Kokinos is poised to become the prospective CEO of the company tasked with succeeding Celsius’ operations. This announcement comes as part of a broader restructuring effort following Celsius’ bankruptcy filing in July of the previous year.
The reorganization plan, outlined in a court filing on Saturday, has appointed Kokinos to lead the yet-to-be-named Delaware corporation, temporarily referred to as “NewCo.” This strategic move positions Kokinos alongside eight other directors, all handpicked to steer the company toward a promising future.
The composition of the board reflects a mix of stakeholders with a vested interest in Celsius’ revival. Six of the nine board members have been designated by Celsius’ creditors committee, representing the interests of those owed substantial sums by the crypto lending platform. The remaining two directors have been selected by Fahrenheit Holdings, the consortium that successfully bid to acquire Celsius’ assets in May.
Steve Kokinos
Fahrenheit Holdings, led by the visionary Michael Arrington of Arrington Capital, aims to assume control over Celsius’ institutional loan portfolio, staked crypto assets, and bitcoin mining unit. This ambitious move signals a strong commitment to rejuvenate Celsius and restore faith in its operations.
Steve Kokinos, who parted ways with Algorand in July 2022, brings a wealth of blockchain expertise to the table. As a co-owner of Fahrenheit alongside key players like Arrington Capital, Ravi Kaza, Proof Group, and crypto mining firm US Bitcoin Corp, Kokinos is well-positioned to steer the ship toward success.
The new board comprises an impressive lineup of industry experts. Michael Arrington, instrumental in Fahrenheit’s bid, brings his extensive investment knowledge to the table. US Bitcoin Corp President Asher Genoot and Frederick Arnold, overseeing the estate of the defunct Lehman Brothers, contribute valuable insights from the crypto and finance sectors.
Elizabeth LaPuma, the WeWork audit committee Chair and former UBS Managing Director, and ex-Credit Suisse investment banker Emmanuel Aidoo round out the board, providing a well-rounded blend of financial acumen and corporate governance experience.
Furthermore, the board includes Celsius committee chairs Scott Duffy and Thomas DiFiore, who represent the interests of Celsius’ creditors. This composition is intended to ensure that the restructuring process takes into account the concerns of all parties involved.
Celsius’ bankruptcy, filed amidst the turbulence of the crypto market downturn, left investors owed billions of dollars. The fate of Celsius’ creditors now hangs in the balance as they consider Fahrenheit’s proposed takeover. They have until September 22 to file any objections, and a successful acquisition could potentially help investors recover a portion of their lost funds.
Source: https://azcoinnews.com/former-algorand-ceo-steve-kokinos-named-ceo-of-celsius.html
