Celsius Network should continue to have the exclusive right to prepare a plan for exiting bankruptcy until the end of March, a bankruptcy court judge ruled Wednesday. Judge Martin Glenn said sufficient progress had been made in preparing a deal to set up a new recovery corporation with a new company, NovaWulf.
Agreeing to the deal could mean the crypto lender exits bankruptcy protection by the end of June, within a year of collapsing in 2022, the Southern District Court in New York was told.
“I'm going to grant the requested extension of exclusivity,” Judge Glenn said, despite complaints from the U.S. government and creditors that liquidating the company’s assets could still prove an option.
Celsius has been able to fill in details of the deal and isn’t burning through customer funds in the interim, Glenn said, urging lawyers to ensure the plan, due to be presented to creditors for their approval, is written in plain English.
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