Celsius to Sell Altcoins and Convert to Bitcoin and Ethereum in Revised Bankruptcy Filing

June 15 (Cointime) - Crypto lender Celsius has submitted a revised bankruptcy filing to a New York court after being acquired by Fahrenheit. The new plan involves selling all altcoins from customers (excluding Custody and Withhold accounts) and converting them into Bitcoin and Ethereum from July 1. However, the restructuring proposal may face opposition from borrowers who object to Celsius demanding repayment of loans without fulfilling contractual obligations to return collateral. Celsius has also requested permission to appoint Chris Ferraro as foreign representative for the UK, to safeguard assets there and acknowledge the US Chapter 11 as the "foreign main proceedings".

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