The United States Bankruptcy Court for the Southern District of New York has granted final approval for Celsius Mining Company’s restructuring plan. The plan involves the creation of a new public company focused on bitcoin mining, with $225 million in funding and the transfer of specific mining assets. The court also approved modifications to the Management Agreement, allowing for an initial term of four years with the possibility of extension or early termination. However, the new company must reach a mining capacity of 23 EH/s within three years to avoid termination. The court’s decision also addressed the issue of the Securities and Exchange Commission’s rights in relation to crypto tokens, maintaining the SEC’s authority to challenge transactions involving them. This approval marks a shift towards an orderly wind-down of Celsius’ operations, with new guidelines in place for managing creditor payouts.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | CryptoSlate, United States Bankruptcy Court for the Southern District of New York, Securities and Exchange Commission (SEC), Celsius Mining Company, NewCo |
| Currencies | Bitcoin |
| Securities | None |
