BlockFi, a digital asset lender Additional time was given to submit a bankruptcy exit plan by a New Jersey bankruptcy court judge in the United States on April 19.
BlockFi filed for bankruptcy in November 2022 and has recently been granted a 48-day extension until May 15 to file a bankruptcy exit plan. Possible to get external support in restructuring According to BlockFi attorney Joshua Sussberg at the hearing on Wednesday,
According to the Bankruptcy Code Debtors must present Chapter 11 plans within the first 120 days of filing, so BlockFi was required to present plans by March 27. However, on March 21, the company filed a request.expandThe deadline for Chapter 11, 90 days out, is June 26.
BlockFi’s attorneys said that due to the size and complexity of the Chapter 11 case, the company is expected to owe up to $10 billion to more than 100,000 creditors, said Judge Michael Kaplan, the bankruptcy court judge overseeing the case. It is of the opinion that it is worth extending the deadline to ensure that the case proceeds smoothly.
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