Celsius is in court seeking final approval to initiate customer repayments by year-end and gain complete approval for its reorganization plan. During a court hearing on Oct. 2, Christopher Koenig, the company’s legal counsel, stated that a new entity called NewCO will emerge with approximately $450 million in seed funding once the reorganization is approved. As per reports, the new company, NewCo, will offer a user-owned Bitcoin miner. The recently established firm, poised to after the restructuring, is expected to secure its funding primarily from a consortium known as Fahrenheit LLC.
Source: Wayne Jones, 2023-10-04; https://cryptopotato.com/celsius-seeks-court-approval-for-restructuring-and-customer-repayments/