BlockFi Starts Allowing Creditors To Vote On Chapter 11 Bankruptcy Plans

Key Points:

• BlockFi has officially begun the voting period on its Chapter 11 bankruptcy plan.
• Ballots must be received by the Voting Deadline (September 11, 2023, at 4:00 p.m. ET) to be counted.
• If approved on time, it will facilitate customer refunds.

BlockFi tweeted that the opinion-gathering phase for BlockFi’s Chapter 11 bankruptcy plan has now begun. The online Vote Portal is the only way for Ballots to be accepted. Hard-copy votes will not be accepted.

During this time, all eligible creditors will be able to vote on BlockFi’s bankruptcy plan. The company says the program is the fastest way for customers to receive maximum compensation and encourages all eligible creditors to vote for the program.

All creditors will receive their Solicitation Package via email from Kroll. All eligible creditors must submit the Ballot until September 11, 2023, at 4:00 p.m. ET.

In the coming days, all will receive their Solicitation Package via an email from Kroll. Each Solicitation Package will include personalized information about your eligibility as well as detailed instructions for completing and submitting a Ballot.

Successful plan approval will effectively resolve Chapter 11 cases and facilitate customer refunds.

Once the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from several defunct firms, including Alameda Research, FTX, Three Arrows Capital, Emergent, and Core Scientific. The primary aim is to optimize client recoveries while countering claims by third parties that could significantly dilute client assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.