BlockFi's Bankruptcy Plan Disclosure Statement Receives Conditional Approval from US Bankruptcy Court
On August 3rd, BlockFi and its affiliates announced that their bankruptcy plan disclosure statement has received conditional approval from the US District Bankruptcy Court and became effective on August 2, 2023. BlockFi's Chapter 11 plan maximizes recovery for clients and provides the fastest possible distribution. Both BlockFi and the official committee of unsecured creditors recommend that all parties entitled to vote should accept the plan before the September 11, 2023 voting deadline.
On August 3rd, BlockFi and its affiliates announced that their bankruptcy plan disclosure statement has received conditional approval from the US District Bankruptcy Court and became effective on August 2, 2023. BlockFi's Chapter 11 plan maximizes recovery for clients and provides the fastest possible distribution. Both BlockFi and the official committee of unsecured creditors recommend that all parties entitled to vote should accept the plan before the September 11, 2023 voting deadline. The plan will provide a fair and value-maximizing conclusion to these Chapter 11 cases, thereby returning client funds as quickly as possible.
BlockFi stated that if the plan is confirmed, it will focus on pursuing claims in litigation against Alameda, FTX, Three Arrows Capital, Emergent, Marex, and Core Scientific to maximize recovery for clients, while defending against third-party claims. BlockFi's qualified creditors will have the opportunity to vote in favor of the plan and will receive BlockFi's disclosure statement and plan, detailed voting instructions, and other important information.