White & Case Leads Celsius Creditor’s Committee to Successful Chapter 11 Exit and Distribution of Over US$3 Billion of Cryptocurrency to Creditors

Restructuring will also create a new bitcoin mining company owned by account holders

Press Release
1 min read

Global law firm White & Case LLP has advised the Official Committee of Unsecured Creditors of Celsius Network, LLC (the "Committee") on the successful confirmation of Celsius Network's chapter 11 plan.

The company officially emerged from bankruptcy on January 31, 2024. Its plan of reorganization was developed and supported by the Committee and overwhelmingly approved by 98 percent of the company's account holders. Under the plan, more than 600,000 account holders will receive over US$3 billion of cryptocurrency and fiat. White & Case investigated the company's conduct to develop causes of action that will now be pursued for the benefit of creditors.

The consummation of the plan also results in the creation of a new Bitcoin mining company—Ionic Digital, Inc.—which will be owned by Celsius creditors and have no funded debt. The Ionic Digital stock is expected to be publicly traded once the required regulatory approvals are received.

The White & Case team was led by Financial Restructuring & Insolvency partners Aaron Colodny (Los Angeles), Gregory Pesce (Chicago), David Turetsky (New York) and Keith H. Wofford (Miami); Commercial Litigation partners Samuel Hershey and Joshua Weedman (both in New York); Financial Technology partner Douglas Landy (New York); and Capital Markets partner A.J. Ericksen (Houston).

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