White & Case helps secure distribution of US$344.4 million to creditors in Celsius’s plan of reorganization

Global law firm White & Case LLP has facilitated the distribution of US$344.4 million to eligible creditors of Celsius Network in connection with the Firm's representation of the Litigation Administrators and the Litigation Oversight Committee appointed under the Celsius Network plan of reorganization.

This distribution was largely generated through the continued efforts of the Litigation Administrators, operating under the direction of the Litigation Oversight Committee, to monetize litigation claims and various illiquid assets following the consummation of the Celsius Network plan of reorganization. Celsius Network's plan of reorganization was approved by a bankruptcy court in December 2023 with the support of nearly all of Celsius Network's creditors as well as the Official Committee of Unsecured Creditors, which White & Case represented at the time. To date, more than US$3 billion of cash and cryptocurrency has been distributed to Celsius Network's creditors.

Following Celsius Network's emergence from chapter 11, the Firm was appointed as lead counsel to the Litigation Oversight Committee in connection with several significant litigation matters, including ongoing efforts to recover billions of dollars of preferential transfers to Celsius Network's former account holders. Those efforts—which have included multiple contested proceedings before the bankruptcy court and numerous successful mediations conducted across the globe—alone have resulted in US$160 million in recoveries for Celsius's creditors.

The White & Case team was led by Financial Restructuring and Insolvency partners Gregory Pesce (New York and Chicago), Laura Baccash (Chicago), Samuel Hershey (New York) and Ronald Gorsich (Los Angeles), and included partners Keith Wofford (Miami), Aaron Colodny (Los Angeles) and Erin Rosenberg (Chicago), partner of counsel Stephen Moeller-Sally (Boston) and associates Devin Rivero, Anais Mitra, Gabriela Delgado (all in Miami), Barrett Lingle, Jade Yoo, Peter Giovine (all in New York) and Alonso Aquije (Chicago); and Litigation partner Joshua Weedman and associates Nikita Ash, Cheyenne Kleinberg and Kathryn Gundersen (all in New York). Law clerk Lucas Curtis (Chicago) also advised on the matter.

Press contact
For more information please speak to your local media contact.