According to Coincu, the Celsius Official Committee of Unsecured Creditors has reached an agreement with the Earn Ad Hoc Group and Simon Dixon, resolving all debt issues within the crypto industry. The committee expressed satisfaction with the agreement, which effectively resolves all outstanding matters related to the restructuring plan.
As part of the agreement, three notable creditors, Brett Perry, Joe Lehrfeld, and Simon Dixon, will become observers on the board of directors of the newly formed company, referred to as NewCo. The agreement highlights the involvement of claimants, including Simon Dixon and BNK To The Future, in supporting the debtors' restructuring efforts, contingent on specific conditions such as the appointment of observers to the NewCo board and the inclusion of Cameron Crews in the Litigation Oversight Committee.
The agreement also extends to Earn Claims holders who are part of the Earn Ad Hoc Group and have signed or intend to join the accord. To make the agreement effective, counsel to the Earn Ad Hoc Group must ensure that at least 75 percent of General Earn Claims held by the group have been accounted for. The Earn Ad Hoc Group, the Consenting Individual Earn Account Holders, and the Consenting Dixon Parties will be filing motions for 'substantial contribution' to these Chapter 11 Cases in compliance with the Bankruptcy Code.