Liquidation Plan of BlockFi Approved by the Court

[coingabbarmarket]

BlockFi's liquidation plan approved by the court
BlockFi's third amended Chapter 11 plan has been approved by the US Bankruptcy Court in New Jersey on September 26. After the approval of the liquidation plan of crypto currency lending firm BlockFi, the customers of this platform have come one step closer to receiving payments. The amount of repayment received from BlockFi's unsecured creditors will largely depend on how successful BlockFi is in fighting its legal battle against FTX and bankruptcy firms. The senior manager of the firm said that with the committee of creditors BlockFi's liquidation plan has been approved after resolving a long-running dispute.

[cryptoworld1]

BlockFi Cleared to Repay Customers Through Liquidation Plan

Payments to BlockFi customers could start later this year
BlockFi said creditor recoveries depends on FTX litigation
Failed crypto lender BlockFi Inc. won bankruptcy court approval on its plan for shutting down its business, a milestone that could result in customers getting back a portion of what they’re owed by the end of the year.

Judge Michael Kaplan said during a hearing Tuesday he would approve BlockFi’s liquidation plan which was supported by a committee representing customer interests and creditors that voted to support it. Some BlockFi creditors are slated to receive partial repayment in Bitcoin or Ethereum, according to court documents.


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