Celsius seeks court approval to begin repaying client funds by the end of the year.

BlockBeats reported on October 3rd that Celsius Network, a bankrupt cryptocurrency lending company, stated in a hearing to a judge that it plans to begin repaying customer funds before the end of the year. The company's legal advisor stated that the new company taking over Celsius operations, NewCo, will receive $450 million in seed funding. According to a document dated September 29th, Celsius plans to use $2.03 billion worth of Bitcoin and Ethereum, as well as shares in the new company, to partially repay creditors. NewCo has received support from some companies within the Fahrenheit LLC consortium, which will manage mining and staking operations. Judge Martin Glenn is considering approving Celsius' restructuring plan, but the plan still requires approval from securities regulators. While most creditors support the plan, some have raised questions. Celsius stated that the plan proposed by the debtor has received support from over 95% of voting account holders. If approved, Celsius will become the first cryptocurrency platform to recover from bankruptcy restructuring since 2022.