News

Celsius Now Reaches Agreement With Earn Ad Hoc Group And Simon Dixon

Key Points:

  • The Celsius Official Committee resolves debt issues in the crypto industry with the Earn Ad Hoc Group and Simon Dixon.
  • Notable creditors, including Brett Perry, Joe Lehrfeld, and Simon Dixon, become observers on the NewCo board.
The Celsius Official Committee of Unsecured Creditors reached an agreement with the Earn Ad Hoc Group and Simon Dixon, resolving all debt issues. Observers appointed to NewCo board.

The Celsius Official Committee of Unsecured Creditors recently announced a significant breakthrough in their ongoing efforts to resolve debt issues within the crypto industry.

Significant Breakthrough in Debt Resolution

In a statement, they expressed their satisfaction in reaching an agreement with the Earn Ad Hoc Group and Simon Dixon, effectively resolving all outstanding matters pertaining to the restructuring plan.

As part of this pivotal agreement, three notable creditors, namely Brett Perry, Joe Lehrfeld, and Simon Dixon, will take on the role of observers within the board of directors of the newly formed company, referred to as NewCo.

Notable Creditors Appointed as Observers

According to the document, the agreement highlights the involvement of claimants, including Simon Dixon and BNK To The Future, in supporting the debtors’ restructuring efforts. Their cooperation is contingent on specific conditions, including the appointment of observers to the NewCo board and the inclusion of Cameron Crews in the Litigation Oversight Committee.

Furthermore, the agreement extends to Earn Claims holders who are part of the Earn Ad Hoc Group and have signed or intend to join this accord. To make this agreement effective, counsel to the Earn Ad Hoc Group must ensure that at least 75 percent of General Earn Claims held by the group have been accounted for.

In addition, the Earn Ad Hoc Group, the Consenting Individual Earn Account Holders, and the Consenting Dixon Parties will be filing motions for “substantial contribution” to these Chapter 11 Cases in compliance with the Bankruptcy Code.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

21 mins ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

21 mins ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

3 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

5 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

8 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

9 hours ago

This website uses cookies.