JERSEY CITY, N.J.–(BUSINESS WIRE)–BlockFi Inc. and eight of its affiliates (BlockFi or the Company) today commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the Court) to stabilize its business and provide the Company with the opportunity to consummate a comprehensive restructuring transaction that maximizes value for all clients and other stakeholders.
As part of its restructuring efforts, the Company will focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities (FTX). Due to the recent collapse of FTX and its ensuing bankruptcy process, which remains ongoing, the Company expects …
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