- This will allow them to complete the bankruptcy process as soon as possible.
- But Celsius is eyeing other offers as well.
The Celsius Bankruptcy Court recommends that the company treat the Novawulf deal as a priority. We are talking about the creation of a new corporation under the leadership of Novawulf.
According to Themis, this will allow Celsius to exit the bankruptcy process by the end of July. Judge Martin Glenn added that he plans to grant the Novawulf exclusivity claim. He urged lawyers to write a detailed plan for investor approval in “understandable language.”
Celsius interim CEO Chris Ferraro has filed an update on the custody program refund process. Recall that they recently started paying some customers. Detailed information can be found in this material.
Ferraro said $17.7 million had already been paid out to customers from custody accounts as of Tuesday. Another $3.5 million is in the process. Thus, the company covered the requests of 60% of depository program users.
However, the Novawulf deal is not so straightforward. After the court hearing, Celsius stated that they are still open to other proposals.
At the trial, the company asked for more time to make a final decision. There is an option that Celsius will offer NovaWulf up to $20 million in compensation if the parties decide to terminate the contract.