We are proud to have been selected to sponsor a plan of reorganization for #Celsius. We have launched a dedicated page on our website to bring transparency to this process and provide information about the plan as it becomes available: Novawulf.io/Celsius
We have reached an agreement in principal with #Celsius to sponsor a plan that returns a majority of liquid tokens to creditors, maximizes the value of the estate’s illiquid assets, and salvages the company’s strong operating businesses.
NovaWulf partnered with @Figure to offer decentralized infrastructure to trade the equity of the NewCo on chain. Blockchain rails provide a more efficient solution to traditional security trading and will materially reduce costs and settlement times.
The debtors have targeted the filing of a disclosure statement by March 31, 2023. The debtors further target that Solicitation of the Plan should occur during the month of May with the goal of a confirmation hearing in June.
NovaWulf will work closely with all parties involved in the process to move through the bankruptcy proceedings as quickly and efficiently as possible. The debtors estimate exiting from Chapter 11 toward the end of June.
An important aspect of the proposed plan is that NewCo will be 100% creditor / community owned upon emergence, allowing creditors an opportunity to participate in the exciting growth opportunities available in the digital asset industry.
We hope the community can be the company’s biggest advocate and we see opportunity for it to help immediately scale cornerstone business units, such as mining, staking and margin lending.
As we progress, we look forward to continuing to update and work with the community to bring transparency to the process and provide information about the plan as it becomes available at Novawulf.io/Celsius
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