Celsius Network LLC responded to hundreds of creditor complaints over bankruptcy plan payment snags, saying it’s “working as quickly as possible” to resolve issues related to cash and cryptocurrency distributions.
Celsius filed a detailed update Wednesday with the US Bankruptcy Court for the Southern District of New York to address problems flagged by creditors who say they haven’t received payments from the failed crypto lending platform’s Chapter 11 reorganization plan, which went into effect on Jan. 31.
Under Celsius’ plan, hundreds of thousands of creditors are receiving liquid cryptocurrency or cash to compensate them for digital assets that were trapped ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.