Celsius Presents a Reorganization Plan

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Cryptocurrency lending platform Celsius Network has presented a business reorganization plan focused on a mining subsidiary.

According to the document, profits from Bitcoin mining will be used to compensate users for losses and pay creditors.

Celsius filed last July 14 for Chapter 11 bankruptcy in a New York City court. The latter does not allow the initiation of legal proceedings against the debtor, allowing him to establish financial transactions.

Later, the head of the company, Alex Mashinsky, said that as of July 13, Celsius owned $4.3 billion in assets, whereas its liabilities to customers and creditors amounted to $5.5 billion.

On July 18, the first Celsius bankruptcy hearing took place. On the same day, law firm Kirkland & Ellis, which represents the interests of the platform, submitted a new document to the court.