Odaily Planet Daily News Cryptocurrency retail borrower Johan Bronge has objected to Celsius’ bankruptcy reorganization plan, arguing that the plan unfairly favors institutional lenders over retail investors like him.
Bronge obtained several Bitcoin-backed loans from Celsius before the company went bankrupt. He said in a letter to the court that Celsius’ bankruptcy reorganization plan allows institutional lenders to repay loans and recover their crypto collateral, but prevents retail borrowers from doing so.
Additionally, Bronge criticized the failure of creditors to vote for an orderly winding down or reorganization into a new company as proposed by Celsius.
To address these issues, Bronge asked the court to allow retail borrowers to repay loans and repossess collateral like institutional lenders, preserve original loan agreement terms, use a consistent valuation method for all collateral, and give creditors a path between bankruptcy or reorganization pathways. Take a vote. (CryptoSlate)