Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022.
REUTERS/Dado Ruvic/Illustration/file photoCompanies Celsius Network Limited FollowNEW YORK, Aug 14 (Reuters) - Crypto lender Celsius Network on Monday received a U.S. bankruptcy judge's permission to seek creditor approval for its bankruptcy plan, advancing a proposal to exit Chapter 11 as a new entity owned by its creditors.
Some creditors oppose the plan, but the official committee appointed to represent junior creditors supports it and will recommend that Celsius customers vote in favor.
Celsius had 600,000 customers who held about $4.4 billion in interest-bearing Celsius accounts when it filed for bankruptcy, according to court documents.
This will allow Celsius customers to sell equity shares that they will receive as part of their bankruptcy recovery, according to court documents.
Persons:
Dado Ruvic, Martin Glenn, Alex Mashinsky, Mashinsky, Dietrich Knauth, Alexia Garamfalvi, David Gregorio Our
Organizations:
REUTERS, Monday, Arrington, Nasdaq, Thomson
Locations:
Manhattan, . New Jersey, New York