Trending...
- Luxury Real Estate Agent James Edmunds lists luxury beach home in the heart of Deerfield Beach
- HBCU New York Classic Makes History with First-Ever Divine Nine Stroll Line
- CCHR Seeks Redress for Those Forcibly Held and Harmed in Behavioral Facilities
HOBOKEN, N.J.--(BUSINESS WIRE)--On November 9, 2023, the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed Celsius Network LLC's ("Celsius" and together with its debtor affiliates, the "Debtors") chapter 11 plan (the "Plan").
Following confirmation, Celsius received feedback from the Securities and Exchange Commission (the "SEC") on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the "Mining NewCo"). This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the "Fahrenheit NewCo"). However, based on the SEC's feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the "Committee"), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius's estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.
Celsius is in discussions with certain parties regarding the terms and conditions of the future management of the Mining NewCo. More details will be provided as soon as they are available. Although negotiations are ongoing, due to the reduction in scope and scale of the Mining NewCo when compared to the Fahrenheit NewCo, the Debtors expect that the aggregate fees and other economic incentives to be paid to the operators of the Mining NewCo will be lower than the aggregate fees and economic incentives associated with the Fahrenheit NewCo, and that the amount of liquid cryptocurrency to be available for distribution directly to customers will be greater than the amount that would have been distributable had the Debtors moved forward with the Fahrenheit NewCo.
More on Jersey Desk
In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction. The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.
Additional Information about the Restructuring Process
The full terms of the Plan and Disclosure Statement, as well as additional information about the chapter 11 filing, including court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to the Debtors.
More on Jersey Desk
White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Committee.
About Celsius
Celsius is a global cryptocurrency platform and a well-recognized leader in Bitcoin mining. For additional information on the company, please visit http://www.celsius.network. For additional information on Celsius' ongoing chapter 11 cases, please visit http://www.cases.stretto.com/celsius.
Contacts
Media Inquiries
C Street Advisory Group
celsius@thecstreet.com
Following confirmation, Celsius received feedback from the Securities and Exchange Commission (the "SEC") on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the "Mining NewCo"). This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the "Fahrenheit NewCo"). However, based on the SEC's feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the "Committee"), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius's estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.
Celsius is in discussions with certain parties regarding the terms and conditions of the future management of the Mining NewCo. More details will be provided as soon as they are available. Although negotiations are ongoing, due to the reduction in scope and scale of the Mining NewCo when compared to the Fahrenheit NewCo, the Debtors expect that the aggregate fees and other economic incentives to be paid to the operators of the Mining NewCo will be lower than the aggregate fees and economic incentives associated with the Fahrenheit NewCo, and that the amount of liquid cryptocurrency to be available for distribution directly to customers will be greater than the amount that would have been distributable had the Debtors moved forward with the Fahrenheit NewCo.
More on Jersey Desk
- Imperial Limousine Service Expands with New Location in Monmouth County, NJ
- NRx Pharmaceuticals NRXP: Prominently Featured in Psychiatrist.com; Article Titled "How NRx Could Upend the Fight Against Depression and Suicide"
- Hollywood In Pixels, Inc. Announces the 7th Silver Pixel Awards
- Policy vs Politics Rebrands to Everything Policy: A New Era of Facts-first Policy Content
- GitKraken Launches DevEx Advance Partner Program to Help Atlassian Solution Partners Elevate Their Clients' Developer & DevOps Team Productivity
In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction. The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.
Additional Information about the Restructuring Process
The full terms of the Plan and Disclosure Statement, as well as additional information about the chapter 11 filing, including court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, C Street Advisory Group is serving as strategy and communications advisor, and Alvarez & Marsal is serving as restructuring advisor to the Debtors.
More on Jersey Desk
- CONTACT of Ocean and Monmouth Counties to Host Volunteer Orientation & Crisis Intervention Training
- Phinge's Plan to Save Free Speech and Give Everyone the Right to Personal Privacy and Ownership and Monetization of Their Online Data and Content
- The Royalty Network and CEO Frank Liwall Appoint Daniel Abowd as New President & General Counsel
- Crafting Memories with Narcissus Florals & The Rebecca Finn House
- 2024 AANEM CME Symposium - Improving Outcomes of Patients With Transthyretin Amyloid Polyneuropathy (ATTR-PN)
White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Committee.
About Celsius
Celsius is a global cryptocurrency platform and a well-recognized leader in Bitcoin mining. For additional information on the company, please visit http://www.celsius.network. For additional information on Celsius' ongoing chapter 11 cases, please visit http://www.cases.stretto.com/celsius.
Contacts
Media Inquiries
C Street Advisory Group
celsius@thecstreet.com
Filed Under: Business
0 Comments
Latest on Jersey Desk
- SafeTea Launches App to Safeguard Women
- Immigrant Artists Explore Cultural, Historical and Social Experiences in "Unlocked Identities" Exhibition
- Celebrate Grandparents Day with For the Grandchildren, Volume I – A Heartfelt Collection of Elder Wisdom and Life Lessons
- AdvisorVault's 17a-4 Managed 365 Service: Finally, Guaranteed FINRA Compliance On The Microsoft Cloud
- College Campus Safety: The Importance of Self Defense Keychains for Women
- Energies Media: Unifying Insights Across the Energy Spectrum
- CCHR Seeks Redress for Those Forcibly Held and Harmed in Behavioral Facilities
- DocVilla Introduces Best All-in-One Customizable Cloud-Based EHR Practice Management Software for Multi-Specialty and Small Practices
- GD Introduces New Feature: Driver's License and Barcode Scanning
- Life with Lucia and Glynn: A Global Duo Spreading Joy Through Matching Shirts and Adventures
- Luxury Real Estate Agent James Edmunds lists luxury beach home in the heart of Deerfield Beach
- Sycamore Hills Dentistry Welcomes the Yomi Robot: The Future of Dental Implant Surgery
- MGN Logistics, Inc. and Arvo A.I. Ltd Forge Game-Changing Partnership to Supercharge Freight Management!
- Top Rack Technology to Debut at RE+ 2024: Introducing Cutting-Edge Solutions for Rooftop Racking
- Jenni Lee Launches Kona Houses For Sale, Offering Comprehensive Real Estate Services in Kona, Hawaii and Surrounding Areas
- Cooking with Claudine Re-Launches in September with Fresh, Organic, and Gluten-Free Meal Delivery in the San Francisco Bay Area
- Court Appearance Scheduled for Susan Knoeller in Washington Township
- HBCU New York Classic Makes History with First-Ever Divine Nine Stroll Line
- Town Physical Therapy Launches Advanced Pelvic Floor Rehabilitation Services in Paramus, New Jersey
- Empowering Growth: Mercy Center Welcomes New Development Director, Kara Grimes