Celsius Network, a bankrupt digital asset lender, has presented a restructuring plan in a US bankruptcy court filing that will generate funds for a new corporate spinoff, dubbed “NewCo”, and repay customers. The plan provides for a distribution of at least $2.03 billion of cryptocurrency to creditors, subject to fluctuations in the cryptocurrency market. NewCo would be owned by customers but managed by a collection of companies under the name Fahrenheit LLC, which will focus on Bitcoin (BTC) mining and staking. The intention is to also list NewCo as a publicly traded company on the NASDAQ. NewCo would receive $450 million in crypto for seed funding and Fahrenheit has committed $50 million toward the firm for an equity stake. If the plan is approved, customers could start receiving lost funds before the end of the year. Celsius anticipates it could begin repaying customers before the end of 2023.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	Fahrenheit LLC, NewCo, X, Celsius Network, NASDAQ
Currencies	Ethereum, Bitcoin
Securities	None