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Top related persons:
Dado Ruvic - 1 Martin Glenn of - 1 Glenn - 1 Chris Koenig - 1 Koenig - 1 Arrington - 1 BRIC - 1 Dietrich Knauth - 1
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REUTERS - 1 U.S . Securities - 1 Exchange Commission - 1 SEC - 1 Bankruptcy - 1 US Bitcoin Corp - 1 Arrington Capital - 1 Recovery Investment - 1

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3 mentions found


☆ Celsius Network faces roadblocks in pivot to bitcoin mining
  + stars: | 2023-11-30 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +3 min
REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsNEW YORK, Nov 30 (Reuters) - Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin mining business, a U.S. bankruptcy judge said during a court hearing on Thursday. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past. Celsius attorney Chris Koenig argued at Thursday's hearing that Celsius's court-approved bankruptcy plan gave the company flexibility to pivot to a mining-only business. Celsius creditors can expect a 67% recovery under the new plan, an increase from 61.2% under the Fahrenheit deal, according to court documents filed on Thursday.
Persons: Dado Ruvic, Martin Glenn of, Glenn, Chris Koenig, Koenig, Arrington, BRIC, Dietrich Knauth, Alexia Garamfalvi, Grant McCool Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Bankruptcy, US Bitcoin Corp, Arrington Capital, Recovery Investment, US, Thomson Locations: U.S, Martin Glenn of New York
☆ Celsius Network remains open to other bids after NovaWulf offer
  + stars: | 2023-03-08 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +2 min
March 8 (Reuters) - Bankrupt crypto lender Celsius Network on Wednesday revealed that it was speaking to another potential buyer and will seek additional bids, despite having an offer in hand from asset manager NovaWulf Digital Management. Glenn agreed to give Celsius an extra three weeks to file a Chapter 11 plan. With NovaWulf's offer in hand, Celsius should be able to exit from bankruptcy by June, less than a year after it filed for Chapter 11, Koenig said. If Celsius chooses an alternate bidder, Koenig said, it intends to offer NovaWulf up to $20 million in breakup fees. "If there is a higher offer, it will be because of the floor set by NovaWulf," Koenig said.
☆ One of the world's largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms' bankruptcy proceedings
  + stars: | 2023-01-04 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Core Scientific will shut down thousands of bitcoin mining rigs tied to Celsius. Core Scientific says the mining rigs are costing the firm $2 million in revenue per month, per court filings. Celsius claims that Core Scientific increased its power rate, which wasn't stipulated in the two embattled companies' initial agreement. Core Scientific followed suit and filed for bankruptcy in December, as miners became pinched by a decline in bitcoin prices and higher energy costs. Core Scientific and Celsius did not immediately respond to Insider's request for comment.
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