BlockFi’s Restructuring Plan Rescheduled To May 15
BlockFi was granted a few additional weeks to execute a plan to exit Chapter 11 bankruptcy, overcoming irate customers who said they should be refunded sooner, Bloomberg first reported. A bankruptcy court in the state of New Jersey extended the deadline for cryptocurrency platform BlockFi to submit its Chapter 11 or reorganization plan to the middle of the next month on Wednesday. The court remarked that it was worth a slight delay to ensure that the case would go smoothly.
After FTX’s massive fiasco, which resulted in horrible carnage in the crypto market, BlockFi declared bankruptcy in November of last year. BlockFi’s first request for a 90-day extension to file its Chapter 11 plan was for a 90-day extension, but owing to significant opposition from its unsecured creditors, the once-famous crypto trading platform filed a fresh petition asking for the date to be pushed back to May. BlockFi lawyer Joshua Sussberg said at a hearing Wednesday that the bitcoin lender is looking into selling firm assets or finding an outside sponsor to support a restructuring arrangement. Sussberg said that the corporation wants to submit a bankruptcy-exit plan by May 15.
Source
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