Celsius creditor: the court ruled that the customer did not have the right to claim for every debtor entity

On March 10, the official unsecured creditor committee (UCC) of Celsius tweeted: “U.S. federal judge Martin Glenn disagreed with the views of UCC and Celsius. He agreed with the views of the holders of preferred shares and believed that the customer did not have the right to claim for every debtor entity. UCC disagreed with the judgment and was disappointed with the result of the judgment. UCC is considering its choice to ensure that the customer obtains the maximum value from Celsius.”

Interpretation of this information:

The message is about the disagreement between the official unsecured creditor committee (UCC) of Celsius and U.S. federal judge Martin Glenn regarding the rights of customers to claim for every debtor entity. The UCC tweeted that the judge sided with the holders of preferred shares and believed that customers did not have the right to claim for every debtor entity. This means that customers may not be able to receive the full value they are entitled to from Celsius.

The UCC expressed disappointment with the judgment and is now considering its options to ensure that customers can obtain the maximum value from Celsius. This may involve exploring other legal options or negotiating with Celsius to increase the value of payouts to customers.

Overall, the message highlights the complexities and challenges involved in bankruptcy proceedings, especially when it comes to determining the rights and entitlements of different stakeholders. While the judge’s decision may have been in line with legal precedents and interpretations, it may not necessarily align with the priorities and interests of all parties involved.