Celsius’s Restructuring Plan Disclosure Under Review on August 10

Celsius’s Restructuring Plan Disclosure Under Review on August 10

According to an official tweet from the committee of Celsius Unsecured Creditors, the debtor has submitted a disclosure statement for a joint Chapter 11 reorganization plan. The primary purpose of the hearing is for the Court to determine if the disclosure statement adequately informs creditors about the proposed plan. It will also address whether the debtor has the right to vote on the plan. Furthermore, a confirmation hearing will be scheduled to discuss the plan’s approval, with a proposed date set for September 29. A hearing has been scheduled for August 10 to review the disclosure statement. During this hearing, the Court will assess whether the statement provides sufficient information for creditors to vote on the plan. On July 17, the Debtor, Creditors Committee, Special Borrower Group, and certain Earnings creditors will engage in mediation before Judge Wiles. The objective of this mediation is to address the treatment of Planned Earnings in comparison to obtaining a loan. The parties hope to reach a mutually agreeable resolution regarding the equitable division of asset value among creditors. To further discuss the reorganization plan, the debtors, the committee, and the Fahrenheit corporation plan to host a Twitter Space event on July 19.