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Home News Latest News

Celsius Network Proposes Sales Plan to NovaWulf Digital Management

15 February 2023
in Latest News, News
Reading Time: 2 mins read
109 1
Celsius Network Proposes Sales Plan to NovaWulf Digital Management

image source: wsj.com

This morning, bankrupt crypto lender Celsius Network submitted a filing to a United States bankruptcy court this morning declaring its sales plan to NovaWulf Digital Management. 

After receiving nine bids from 130 interested parties, Celsius chose NovaWulf because the sale would maximize the value of liquid and illiquid assets, and would end the Chapter 11 bankruptcy protection.

Under the agreement, NovaWulf will invest $45 million to $55 million in the company and launch new initiatives, including well-funded Bitcoin mining operations, new business lines, and high standards of transparency and accountability. 

Celsius Network will also change its name to NewCo, and appoint new seven board members who will not be former staff of Celsius Network. Two board members will be appointed by NewCo, two by the UCC (Unsecured Creditors Committee), and three independent directors appointed by the UCC and consented to by NovaWulf. 

The board will control strategic operations, issuance of new tokens, and investment policies. They will also publicly file the company’s financial statements and comply with the US Securities and Exchange Commission (SEC).

The sales plan for NewCo states that Earn creditors with less than $5000 will be placed in a “Convenience Class” and recover about 70%, and 100% of the company will be owned by Earn creditors. Non-insiders with CEL tokens will be recovered at the Initial Coin Offering (ICO) price of $0.20.

The proposed timeline for the project was also included in the document. Celsius is expected to give more details on the transaction at the omnibus hearing today.

Celsius Network filed for Chapter 11 bankruptcy protection in the United States after halting withdrawals for a month, citing unstable market conditions. Since then, the management has been working towards repaying consumers’ money.

 

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