These payments, based on crypto and cash prices dated January 16, mark an important turning point in Celsius’ bankruptcy process. The company has paid more than $2.53 billion in total to approximately 251,000 creditors so far. These distributions show that the bankruptcy process was conducted effectively and was largely successful.

Two-thirds of the payments made and 93% of the value were distributed in crypto and cash by Celsius’ bankruptcy management. These distributions were made based on market prices on January 16. However, approximately 121,000 eligible creditors have yet to successfully receive their payments despite their average claims being $1,500.

Approximately 64,000 of these people will receive less than $100, while the other 41,000 people will receive between $100 and $1,000. This indicates that there are some problems preventing the payments from being completed.

The bankruptcy administration stated two main reasons for the delay in payments. First, they stated that some demands were being held back. On the other hand, it is stated that the necessary information is missing in the accounts of some creditors.

These deficiencies prevent payments from occurring and slow down the completion of the process. In particular, situations where creditors do not provide some basic information make payments difficult.

After the distributions started, the process progressed very quickly. Within the first two weeks, approximately 65% ​​of the total payments, or $1.7 billion, were successfully delivered to creditors. A month later, almost 80% of the payments, or approximately $2 billion, had been distributed.

This rapid progress shows that the bankruptcy management managed the process effectively and was largely successful. However, some technical and administrative problems still remain and therefore some creditors are waiting to receive their payments.

Earlier this year, Celsius announced its exit from Chapter 11 bankruptcy and completed its restructuring plan. The restructuring process involved paying more than $3 billion in cryptocurrency and fiat to creditors.

This process enabled the company to be restructured and creditors to be paid. The reorganization plan has been approved by the court, marking the completion of an important stage of the bankruptcy process.

Latest distributions show that most payments have been completed and the process is nearing its end. However, some creditors are still waiting to receive their payments. This shows that the process is not completely over and some technical problems continue. Bankruptcy management may have to take additional steps to resolve these issues.

Celsius’ bankruptcy process has passed an important milestone, ensuring that the majority of creditors have been paid. Payments made so far show that the majority of creditors have received their payments and the bankruptcy process has largely concluded. However, due to some technical and administrative issues, some creditors continue to receive their payments.

This indicates that some additional steps need to be taken to complete the process. With the completion of this process, it is expected that Celsius’ bankruptcy process will end and payments to creditors will be completed.