Celsius May Offer Creditors a Loss Now, or a Long Crypto Bet
- At court hearing, company pledges to pay creditors in crypto
- Celsius details reorganization goals for its Chapter 11 case
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Cryptocurrency lender Celsius Network LLC may use its bankruptcy case to give creditors a choice between taking less than they are owed in cash, or making a bet on the long-term value of the cryptocurrencies at the heart of the company’s failure.
The company opened its first Chapter 11 court hearing Monday with a promise not to force its customers to accept any repayment they may be owed in US dollars or any other so-called fiat currency.