BnkToTheFuture Proposes 3 Ideas To Rescue Celsius From Bankruptcy

BnkToTheFuture proposed 3 ideas to rescue celsius from Bankruptcy and these include ways to restructure and relaunch the company or an option to co-invest in the company with the help of BTC whales so let’s read more today in our latest cryptocurrency news.

The Celsius lead investor BnkToTheFuture outlined three proposals to save Celsius from bankruptcy while finding the right outcome for shareholders and depositors with the funds stuck on the platform. Shared on Twitter, CEO Simon Dixon noted that the three distinct proposals include either two options of relaunching and restructuring Celsius or co-invest in the platform alongside BTC whales:

“Proposal #1: A restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering.

Proposal #2: A pool of the most influential whales in Bitcoin to co-invest with the community.

Proposal #3: An operational plan that allows a new entity and team to rebuild and make depositors whole.”

#DepositorsFirst Celsius Recovery Plan https://t.co/YkGy3N0Gwd

— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) June 30, 2022

Dixon referred to financial innovation that needed to be applied to Celsius similar to the issuance of the debt-equity tokens such as the case with Bitfinex in 2016 which was designed to represent $1 of debt per token. The team wrote:

“We believe all attempts should be made to make depositors whole in order to maintain shareholder value,” the team wrote, adding that “legally cannot be ignored by the Celsius board.”

Also:

“Bnk To The Future Capital SPC holds over 5% of Celsius shares and therefore we believe that this allows us to call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board.”

BnkTotheFuture suggested that after submitting the proposals to Celsius and its advisors, they are looking to pressure the company into becoming worried that time is actually running out with a lack of a distinct plan of action. The sentiment was echoed by Dixon as well:

“You have to move really fast, because the longer you go on, the more FUD comes out, bad PR comes out, more predatory offers come out, the more the community stops believing in what they originally believed in.”

Celsius stated that it is working as fast as it can to stabilize the liquditiy issues so that it can enter the right position to share more info with the community. While the company didn’t reveal much about the entails, Celsius stated that it explored options to protect the assets like pursuing strategic transactions as well as restructuring the liabilities among other avenues.
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