Celsius Begins Distributions of Funds Successfully Recovered By the Litigation Oversight Committee and Litigation Administrators Through Post Effective-Date Litigation and Asset Recoveries

Announces Additional Distribution Payment of More Than $125 Million to Eligible Creditors

Initial Distribution Represents Over a 200% Return On the Initial Litigation Funding Provided Within Ten Months

Continues to Recover Funds to Benefit Eligible Creditors

NEW YORK–(BUSINESS WIRE)–Celsius Network, LLC today commenced an additional distribution after the Litigation Administrators allocated more than $125 million from the litigation recovery account for eligible creditors, subject to, among other things, certain reserves held in accordance with the chapter 11 plan. This distribution reflects amounts recovered from the Litigation Oversight Committee’s and Litigation Administrators’ efforts to settle certain retained causes of action and monetize certain remaining assets of the estate.

The funds to be distributed represent over a 200% return on the initial litigation funding provided to pursue these actions within ten months of the initial funding provided under Celsius’ plan of reorganization.

The Litigation Administrators and Litigation Oversight Committee are committed to achieving meaningful recoveries for creditors and will continue to act in the best interests of the estate.

For more information on this process, please visit https://celsiusdistribution.stretto.com/support/solutions.

Advisors

White & Case LLP is serving as legal counsel to the Litigation Administrators and LOC, M3 Partners is serving as the Litigation Administrator, Blockchain Recovery Investment Consortium, LLC is serving as the Litigation Administrator and Complex Asset Recovery Manager (the “ARM”), Willkie Farr & Gallagher LLP is serving as co-legal counsel to the ARM, and C Street Advisory Group is serving as strategy and communications advisor to the Litigation Administrators and LOC.

Contacts

Media 
Celsius Litigation Administrator
Celsius@thecstreet.com