Celsius Network LLC has received court approval for a settlement that puts an end to a lengthy bankruptcy dispute with preferred shareholders, ABP News reported. The agreement involves Celsius Network paying $25 million to the shareholders, avoiding the potential costs of a protracted legal battle that could have reached $600 million. Hon. Martin Glenn has granted approval for the settlement, effectively resolving one of the most enduring conflicts within Celsius’ chapter 11 case. The company and its preferred shareholders had been engaged in disputes regarding the priority of payment for investors and other intricate legal matters. During a court hearing, Christopher S. Koenig noted that if the legal battle had continued, the associated fees would have been substantial. Furthermore, had Celsius been unsuccessful, the shareholders may have been entitled to up to $600 million. As per the settlement, investors who wish to continue pursuing litigation against Celsius can do so within the bankruptcy court. The agreement was negotiated with a group representing $600 million of the $690 million worth of preferred equity.
