You are currently viewing New ‘Celsius token’ may be used to repay creditors: Report

Bankrupt crypto lending firm Celsius may issue its own token to repay creditors, according to a Jan. 24 report from Bloomberg that cites a video court hearing as the source of its information.

According to the report, Celsius attorney Ross M. Kwasteniet told the court that the firm is negotiating with its creditors on how to relaunch the platform and adequately pay them back. The new, relaunched version would be “a publicly-traded company that is properly licensed,” which would supposedly provide more money to creditors than simply liquidating the company. If approved by creditors and the court, the reorganized company would “issue a new token to creditors as part of a payout plan.”

The report stated that details of the plan will be filed with the court later this week.

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Twitter user CelsiusFacts, who often tweets updates about the case, also claimed to have

Keep reading this article on Cointelegraph.com.

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