Celsius Network is set to vote on its plan to offload assets to the Fahrenheit consortium after securing court approval for its disclosure statement and voting plan on Aug. 17.
The court approval highlights the climax of Celsius’ year-long journey from bankruptcy, navigating through tumultuous crypto market shifts and the arrest of its former CEO, Alex Mashinsky, on allegations of fraud — to which he has pleaded not guilty.
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Court ruling
The court has ruled that the disclosure statement associated with the joint reorganization plan meets the required standards. The document provides stakeholders with details about the plan to ensure they can make an informed decision on the matter before casting their vote.
Furthermore, the procedures surrounding the collection and solicitation of votes on this plan have also been approved by the court. An integral part of this process is the distribution of pertinent documents, including voting ballots, to the relevant parties.
Details on the ballots’ layout and accompanying notices have also been ironed out, ensuring clarity and uniformity in the voting process. The court also greenlit the reimbursement of certain fees and expenses to the plan sponsor.
Asset sale plan
Celsius’ proposed asset sale projects returns spanning from 67% for Earn Account affiliates to approximately 85.6% for participants in Celsius’ Lending Program. On the other hand, complete asset liquidation is expected to yield roughly 47% of creditors’ total investment in the firm.
Creditors will receive voting ballots starting Aug. 24, with the final voting date set for Sept. 22 — giving creditors a little under one month to cast a vote in favor or against the plan.
Under the plan, payouts to creditors will predominantly be in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
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