Golden Finance reported that BlockFi and its affiliates announced that its bankruptcy plan disclosure statement has been conditionally approved by the U.S. New District Bankruptcy Court and will take effect on August 2, 2023. BlockFi's Chapter 11 plan maximizes recovery for customers and provides customers with distributions as quickly as possible. BlockFi and the Official Committee of Unsecured Creditors both recommend that all parties entitled to vote should vote to accept the plan before the voting deadline of September 11, 2023. The plan will reach a fair and value-maximizing conclusion for these Chapter 11 cases, thereby returning customer funds as soon as possible. BlockFi said that if the plan is confirmed, it will focus on pursuing claims in lawsuits against Alameda, FTX, Three Arrows Capital, Emergent, Marex and Core Scientific to maximize compensation for customers and defend against third-party claims. BlockFi's eligible creditors have the opportunity to vote in favor of the plan and will receive BlockFi's disclosure statement and plan, detailed voting instructions, and other important information.
