TechFlow news, according to Cointelegraph, a U.S. Bankruptcy Court in New Jersey has approved BlockFi's liquidation plan. Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third amended Chapter 11 plan during a court hearing on September 26.
Court documents show that BlockFi submitted its initial liquidation plan to the bankruptcy court on November 28, but was later required to file first, second, and third revised versions on May 12, June 28, and July 31, respectively.
The approval of BlockFi's liquidation plan comes after the company reached a settlement with the creditors’ committee over long-standing disputes regarding the firm’s senior management. BlockFi is estimated to owe more than $10 billion to over 100,000 creditors, including $1 billion owed to its top three creditors and $220 million owed to the now-bankrupt crypto hedge fund Three Arrows Capital.
