Creditors push back Celsius' proposed five-month extension to its restructuring plan

Creditors objected to Celsius’ proposed plan to extend its restructuring plan by five months, CoinDesk reported. A hearing on the issue is scheduled for Feb. 15 before Judge Martin Glenn of the Southern District of New York. At the end of January, lawyers representing crypto lending platform Celsius said that Celsius was planning to rebrand itself as a new publicly traded “recovery corporation” to exit bankruptcy proceedings. Under the newly announced plan (which has not yet been approved by the U.S. Office of the Trustee or other regulators), creditors who have locked up assets above a certain threshold will receive a token, called the Asset Share Token (AST), that reflects their the value of the asset. AST holders will either be able to hold their tokens (which will entitle them to dividends over time), or sell them on the open market.