Celsius Creditors to Object to Reorganization Plan

IconCrypto News Terminal26 Apr, 2024

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Celsius Creditors to Object to Reorganization Plan

**Celsius Network Creditors Plan to Object to Reorganization Plan** According to a recent report by The Block, creditors of the bankrupt crypto lender Celsius Network (CEL) are reportedly unhappy with the company's reorganization plan and are considering objecting to it. The creditors argue that they have been treated unfairly compared to Celsius equity holders and users of its crypto lending services. One of the main objections raised by the creditors is the court's decision to allow Celsius to use $225 million in funds to pay down its loan instead of reimbursing creditors. The creditors believe that this decision was unfair and has further diminished their chances of recovering their funds. The creditors are currently exploring their options and may file an objection to the reorganization plan. The objection process could delay the approval of the plan and potentially result in changes being made. **Previously on April 24, 2024:** Creditors of Celsius Network expressed dissatisfaction with the company's reorganization plan, arguing that they were being treated unfairly compared to other stakeholders.

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