Celsius seeks court approval to acquire a mine from Core Scientific for $45 million

Odaily Planet Daily News Celsius Network LLC and its affiliated debtors have filed a motion with the bankruptcy court seeking approval of a settlement agreement with Core Scientific Operating Company in litigation between the two companies. In a statement in support of the motion, Celsius interim CEO, chief restructuring officer and chief financial officer Christopher Ferraro said Celsius and Core have been involved in litigation over a contract dispute that it described as a "core matter." Under the proposed settlement, Celsius will acquire a Bitcoin mining farm called Cedarvale from Core for $45 million. The consideration will consist of $14 million in cash and the remaining $31 million will be used as consideration by Celsius to discharge claims against Core related to the Core Matters litigation. Ferraro said he believes the settlement is reasonable and in the best interests of the Celsius estate and stakeholders. He said it would avoid costly and risky litigation that could delay Celsius' bankruptcy reorganization plan. The statement made clear that the settlement does not involve Celsius' claims against Core related to the convertible notes. Ferraro said the Cedarvale acquisition and resolution of core matter litigation would help build consensus among Celsius stakeholders. (CryptoSlate)