On July 13, 2022, Celsius Network LLC and certain of its affiliates (collectively, the “Celsius Debtors”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On December 7, 2022, GK8 Ltd., GK8 UK Limited, and GK8 USA LLC (collectively, the “GK8 Debtors,” and together with the Celsius Debtors, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The cases of the Debtors are pending before the Honorable Martin Glenn in the U.S. Bankruptcy Court for the Southern District of New York and are being jointly administered under Case No. 22-10964.
On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates (the “Confirmation Order”), pursuant to which the Bankruptcy Court approved and confirmed the Modified Chapter 11 Plan of Reorganization of Celsius Network LLC and Its Debtor Affiliates (the “Plan”).
Notice of Occurrence of Effective Date of Debtors' Modified Chapter 11 Plan of Reorganization and Commencement of Distributions
The Debtors and the Distribution Agents have commenced the process of making Liquid Cryptocurrency and Cash distributions. Each eligible creditor will receive an email from Stretto or the Plan Administrator at the last email address on file with the Debtors with information about the steps required to receive their Liquid Cryptocurrency distributions from the applicable Distribution Agent. Please note that because of the volume of distributions, it will take up to two (2) weeks to send instructions to eligible creditors on the next steps for receiving their distributions on account of their Claims. The Debtors will file an additional notice on the docket once those emails are sent to all creditors eligible for such a distribution. Accordingly, please do not immediately contact the Debtors or their advisors regarding such instructions until after that notice is filed, as this will delay responses to all creditor inquiries. Instead, please review the instructions set forth in Effective Date Notice above, on the Debtors’ Celsius X account @CelsiusNetwork, and on Stretto's Celsius Distributions Knowledge Base (the “Knowledge Base”) for further information and continuing updates. The Knowledge Base will continually be updated with the latest information.
Plan Administrator's Update on Cash Distributions, including Notice of Amendment to Paypal Distribution Services Agreement to Make Cash Distributions Through Hyperwallet Service
Notice to Account Holders Regarding Frequently Asked Questions About Celsius Distribution
Notice Regarding Commencement of Distribution of Cryptocurrency to Holders of Custody Claims
Notice to Account Holders Regarding Forthcoming communications About Setttlement of Withdrawal Preference Exposure Pursuant to the Account Holder Avoidance Action Settlement
Notice to Holders of Retail Borrowers Deposit Claims Regarding Forthcoming Notice and Election Form for Repayment or Refinancing of Retail Borrower Deposit Claims
Dates
Effective Date January 31, 2024
October Omnibus Hearing October 08, 2024 (10:00 AM ET)
November Omnibus Hearing November 13, 2024 (10:00 AM ET)
Notice of Phishing Attempts
Statement/Eleventh Supplemental Notice of Additional Phishing Attempts
Statement/Tenth Supplemental Notice of Additional Phishing Attempts
Statement/Ninth Supplemental Notice of Additional Phishing Attempts
Statement/Eighth Supplemental Notice of Additional Phishing Attempts
Statement/Seventh Supplemental Notice of Additional Phishing Attempts
Statement/Sixth Supplemental Notice of Additional Phishing Attempts
Statement/Fifth Supplemental Notice of Additional Phishing Attempts
Statement/Fourth Supplemental Notice of Additional Phishing Attempts
Statement/Third Supplemental Notice of Additional Phishing Attempts
Statement/Second Supplemental Notice of Additional Phishing Attempts
Statement/Supplemental Notice of Phishing Attempts
Notice of Phishing Attempts
PLEASE TAKE NOTICE that neither the Debtors nor their advisors will ever contact you by email, telephone call, or otherwise requesting account information or other personal information absent an Order from the Court.
If you receive any message purporting to be from the Debtors or their advisors and requesting account information or personal information, contact the Debtors immediately at CelsiusCreditorQuestions@kirkland.com or the Debtors’ claims agent, Stretto, at CelsiusInquiries@stretto.com.
To report spoofing or phishing attempts, or to report that you've been a victim, file a complaint with the FBI's Internet Crime Complaint Center (IC3), the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC).
Debtors
Celsius Network LLC
Case No. 22-10964
11 Debtors
Click the Plus Icon for Full List of Debtors
Court Information
United States Bankruptcy Court
Southern District of New York
One Bowling Green
New York, NY 10004-1408
Phone: 212.668.2870
Professionals
Debtors' Counsel
KIRKLAND & ELLIS LLP AND KIRKLAND & ELLIS INTERNATIONAL LLP
Email: CelsiusCreditorQuestions@kirkland.com
Office of the U.S. Trustee
U.S. DEPARTMENT OF JUSTICE
Case Mgmt Procedures
Please click HERE to view the Case Management Procedures
Distribution Updates and Troubleshooting Tips
Notice of Occurrence of Effective Date of Debtors’ Modified Chapter 11 Plan of Reorganization and Commencement of Distributions
Supplemental Statement Regarding Initial Distributions
First Update on Distributions
Second Update on Distributions
