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BlockFi’s Disclosure Statement Receives Conditional Approval from Court
Beleaguered cryptocurrency lending company, BlockFi, has obtained conditional approval to proceed with its restructuring plan. On August 2, the United States Bankruptcy Court for the District of New Jersey partially approved the company’s disclosure statement. The company, which filed for Chapter 11 bankruptcy protection last year after the collapse of FTX, plans to prioritize the return of customers’ funds held on the platform when it suspended withdrawals in November.
According to an official press release, BlockFi’s Chapter 11 Plan, backed by both the company and the Official Committee of Unsecured Creditors, aims to bring the ongoing bankruptcy cases to a fair and value-optimizing conclusion.
Mark Renzi, representing BlockFi as the Chief Restructuring Officer from Berkeley Research Group, believes the crypto lender has come closer to returning customer funds.
“BlockFi’s mission through t
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