Celsius submits updated bankruptcy plan, opposed by some lenders

ChainCatcher news, the bankrupt crypto lending platform Celsius has submitted an updated bankruptcy plan, which includes the successful acquisition of its assets by the Fahrenheit consortium. This plan must be approved by the New York bankruptcy court overseeing the liquidation.

David Adler, a lawyer representing a group of Celsius creditors, stated that the debtors have chosen to handle retail loan claims through a set-off process. Although the debtors are requesting repayment of loans (i.e., asking borrowers to perform), they have no intention of fulfilling their contractual obligations (i.e., returning collateral to borrowers). This proposed handling method almost violates consumer lending laws (both state and federal), and the temporary group of borrowers will oppose the plan. (Source link)