BlockFi’s third revised bankruptcy plan approved by judge

Odaily Planet Daily reported that court documents show that U.S. Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third revised Chapter 11 bankruptcy plan at a court hearing on September 27. The repayment amount received by BlockFi’s unsecured creditors Much will depend on BlockFi’s success in its legal battles with FTX and other bankrupt crypto companies. It is estimated that BlockFi owes up to $10 billion to more than 100,000 creditors, including $1 billion from its three largest creditors and $220 million from bankrupt crypto hedge fund Three Arrows Capital. BlockFi submitted its first liquidation plan to the bankruptcy court on November 28 last year, but was subsequently required to submit first, second and third amendments on May 12, June 28 and July 31 respectively. plan. (Cointelegraph) According to previous news on September 15, FTX asked the court to reject BlockFi’s bankruptcy plan, saying that there were still some fundamental flaws.