{"id":73048,"date":"2023-01-25T14:02:19","date_gmt":"2023-01-25T12:02:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73048"},"modified":"2025-09-09T11:56:59","modified_gmt":"2025-09-09T08:56:59","slug":"celsius-proposes-issuing-a-token-to-repay-creditors","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-proposes-issuing-a-token-to-repay-creditors\/","title":{"rendered":"Celsius proposes issuing a token to repay creditors"},"content":{"rendered":"<p>Currently undergoing <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">bankruptcy proceedings<\/a>, Celsius Network is considering issuing a token to repay creditors&#8217; claims. The company representatives told the court, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-24\/celsius-may-issue-a-bankruptcy-crypto-token-to-repay-creditors?sref=AACmJ2tc\">Bloomberg<\/a>.<\/p>\n<p>According to the firm&#8217;s lawyers, the proposed plan envisages reorganising Celsius into a licensed public company. This would yield a greater recovery for creditors than selling illiquid assets at current depressed prices, the lawyers noted.<\/p>\n<p>A group of Celsius investors proposed following Bitfinex&#8217;s example. The crypto exchange had compensated victims of the 2016 hack in that manner.<\/p>\n<p>Any restructuring plan must be approved by all creditors. The presiding bankruptcy judge, Martin Glenn, promised to weigh the vote results.<\/p>\n<p>The company will disclose more details of the token-issuing restructuring within a week. The updated Celsius business will be built around its existing lending and investment portfolios and mining operations, the lawyers said.<\/p>\n<p>They also noted that cryptocurrency mining activity has become more profitable in recent months.<\/p>\n<p>Earlier in January, the company informed the court of the sale of mining equipment <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-mining-to-sell-equipment-for-1-3-million\">for $1.3 million<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celsius Network&#8217;s ongoing bankruptcy proceedings are considering issuing a token to pay creditors&#8217; claims, according to Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":73049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1348,596],"class_list":["post-73048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-celsius-network","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=73048"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73048\/revisions"}],"predecessor-version":[{"id":73050,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73048\/revisions\/73050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/73049"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=73048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=73048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=73048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}