Breaking: Bankrupt Celsius Reaches Settlement To Pay $24 Million Over GK8 Sale
During Celsius’ bankruptcy proceedings, the self-custody platform GK8 was sold to Galaxy Digital. Although the specifics of the transaction were not made public, sources had previously indicated that the price was much lower than the $115 million Celsius had paid for it. advertisement Disputes Over Settlements The settlement was reached despite significant disagreement regarding the suggested distribution of monies. The majority of Series B shareholders are currently pleading with the court to accept the settlement and continue the bankruptcy procedure. A mutual desire to avoid expensive litigation, a controversial and drawn-out confirmation procedure, and a concomitant rise in professional expenses gave rise to the Settlement Agreement, the filing said. The proposed allocation is a material aspect of the agreement reached between the Debtors, the Committee, and the Initial Consenting Series B Preferred Holders, which accord was meticulously negotiated and...