Previously, at the court hearing, Celsius discussed the reopening of withdrawals for some of their customers.  Celsius have stated that they are approaching customer recovery in stages.  They are trying to communicate directly with customers as quickly as practicable to share more information on what this can mean and what it can mean next.

Celsius are continuing to be committed to ensure that all similarly situated customers are treated similarly. Celsius are continuing to collaborate with UCC, US Trustee, and all the key stakeholders in their cases, while looking forward to address matters which are related to all customers while moving ahead in the cases.

Celsius are continuing to collaborate with discussing key matters with important stakeholders in their cases.

CELSIUS NETWORK EXCLUSIVITY PERIODS UNTIL 2/15/2023

The Court approved an extension to Exclusivity Periods until 2/15/2023.

This is the period within which Celsius has the exclusive right to submit a chapter 11 plan of reorganization. This was possible with the help of UCC and ad hoc groups and their collaboration on this matter.

Celsius: “Earlier today, we updated the Court on the progress we are making across Celsius. We discussed our financial position, insight into our work on a standalone reorganization plan (NewCo), and the ongoing marketing process, among other topics.”

The presentation made to the court was also shared.

“As a reminder, the Bar Date, which is the last day to file a proof of claim, is set for January 3, 2023.”

Additional Information about the Proof of Claims process was also published on Stretto.

“As a reminder, the deadline for customers to file a claim is Tuesday, January 3, 2023, at 5:00 p.m. ET. Customers only need to submit a claim if they disagree with Celsius’ scheduling of their claims as filed in the Schedules of Assets and Liabilities.”

To be clear, whether or not a customer submits a claim will not impact their future ability to vote on a plan of reorganization. More information on voting will be communicated at the appropriate time.

“Customers are allowed to review their scheduled claim and file a claim, if necessary, on the Stretto website.”

Community Reaction:

Do you have to submit a claim to be able to get your money back or will we automatically get our money back?

Submitting a claim gives you a better probability of recovering some money, but Celsius stole all the money and lost it on mining so neither group will get much back.