BlockFi’s reorganisation is progressing as the company stated that their disclosure statement has been conditionally authorised by the United States Bankruptcy Court for the District of New Jersey.
“BlockFi’s mission throughout this process has been to maximise recoveries for our creditors, and conditional approval of our Disclosure Statement moves us one step closer to accomplishing that goal,” said BlockFi’s Chief Restructuring Officer, Mark Renzi of Berkeley Research Group, in a statement. “We are confident that our Plan is the most efficient way to return crypto to our clients, and we strongly encourage BlockFi’s clients to vote to accept it.”
If the bankruptcy plan is approved, the lender will concentrate its efforts on recovering funds from other defunct companies such as Alameda, FTX, 3AC, Emergent, Marex, and others.
