BlockFi’s restructuring plan has been approved by the company’s management and creditor committee, according to an email sent to users on Sept. 30.
In that email, BlockFi wrote:
“[We are] pleased to announce that on Tuesday, September 26, 2023 our Chapter 11 Plan … was confirmed. Through the voting process … we received overwhelming support for the Plan with over 90% approval in amount across all voting classes.”
The company went on to state that it “worked diligently” with members of the Unsecured Creditors’ Committee (UCC) to reach the agreement.
BlockFi said that the plan will allow it to recover assets that FTX, Three Arrows Capital (3AC), and other parties owe to it. This part of the restructuring process is complicated by the fact that both FTX and 3AC have recently contested BlockFi’s recovery plans. Some of the objecting parties apparently intend to pursue claims against BlockFi as well.
BlockFi additionally said that the finalized plan will allow it to cont
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