Celsius plans to start repaying customer funds by the end of the year

ChainCatcher news, according to Cointelegraph, the crypto lending company Celsius Network told the judge at a hearing on October 2 seeking approval for its restructuring plan that it plans to start repaying customers by the end of the year.

Celsius's legal advisor Christopher Koenig stated in the opening remarks that the new company, named "NewCo," will receive $450 million in seed funding from the litigation process. Additionally, a document from September 29 shows that Celsius plans to use $2.03 billion in Bitcoin and Ethereum, as well as shares of the new company, to partially repay creditors.

The judge presiding over the case is considering whether to approve Celsius's restructuring plan. The plan also requires approval from regulatory agencies. Reports indicate that although the restructuring plan has received support from most creditors and has been passed, it still faces opposition from some creditors.