Celsius Network wins court approval for shift to bitcoin mining

FILE PHOTO: Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) -A U.S. bankruptcy judge has approved cryptocurrency lender Celsius Network's pivot to bitcoin mining, ruling that the company could deviate from a previously approved bankruptcy plan because creditors and customers were no worse off under the new restructuring.

U.S. Bankruptcy Judge Martin Glenn in Manhattan on Wednesday said the bankruptcy plan approved in November contained enough flexibility to allow Celsius to switch to a backup plan after it hit a road block with the U.S. Securities and Exchange Commission.