Bankrupt crypto lender Celsius has reached a settlement with Series B holders to distribute $25 million from the sale of GK8.
Bankrupt crypto lender Celsius has agreed on a settlement with Series B holders to distribute $25 million from the sale of crypto custodian GK8.
$24 million will be allocated to Series B holder legal expenses, while $1 million will be distributed pro rata among the holders.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bankrupt crypto lender Celsius reached a settlement with Series B holders to distribute $25 million from the sale of crypto custodian GK8.
Under the settlement, $24 million will be allocated to cover legal expenses, and the remaining $1 million will be distributed among the Series B holders, according to a“The Settlement brings an end to nearly a year of highly contentious litigation and removes one of the largest obstacles to confirmation and emergence in exchange for a $25 million cash settlement from the proceeds of the GK8 sale and a mutual release of claims between the Initial Consenting Series B Preferred Holders and the...
The settlement was agreed, despite some dispute over the proposed allocation of funds. The largest group of Series B shareholders is now urging the court to approve the settlement and move forward with the bankruptcy process.
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