Celsius seeks final approval for $45 million Core Scientific Bitcoin mining site News ▸ US ▸ Celsius ▸ Bankruptcy
Celsius seeks final approval for $45 million Core Scientific Bitcoin mining site
Celsius strides towards bankruptcy resolution with proposed $45m Cedarvale acquisition.
1 min read
Updated: Sep. 27, 2023 at 8:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Celsius Network LLC and its affiliated debtors in bankruptcy court have filed a motion seeking approval of a settlement agreement with Core Scientific Operating Company related to litigation between the two companies.
In a declaration filed supporting the motion, Celsius’ interim Chief Executive Officer, Chief Restructuring Officer, and Chief Financial Officer, Christopher Ferraro, stated that Celsius and Core have been involved in litigation over contract disputes referred to as the “Core Matters.”
Under the proposed settlement agreement, Celsius would acquire a Bitcoin mining site called Cedarvale from Core for $45 million. The consideration would include $14 million in cash, and the remaining $31 million would serve as consideration for Celsius releasing claims against Core related to the Core Matters litigation.
Ferraro declared his belief that the settlement agreement is reasonable and in the best interests of Celsius’ bankruptcy estate and stakeholders. He stated it would avoid costly and risky litigation that could otherwise delay Celsius’ bankruptcy reorganization plan.
The declaration makes clear the settlement agreement does not release claims Celsius has against Core related to convertible notes.
Ferraro stated acquiring the Cedarvale site and settling the Core Matters litigation helps build consensus among Celsius’ stakeholders. The court must approve the settlement agreement for it to take effect.
Mentioned in this article
Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Latest US Stories
Featured Story
Advertise Here
In this article
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Core Scientific
Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain.