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<ul class="news-points"> 
 <li>BlockFi’s disclosure statement receives approval from a U.S. bankruptcy court.</li> 
 <li>The firm says the plan details the best ways to quickly settle its clients and return their assets back to them.</li> 
 <li>All BlockFi creditors are eligible to vote on the plans.</li> 
</ul> 
BlockFin has received conditional approval for a disclosure statement from the United States Bankruptcy Court for the District of New Jersey, a report reveals. The firm, which <a href="https://coinedition.com/blockfi-files-for-chapter-11-bankruptcy-amid-ftx-collapse/" rel="noopener noreferrer nofollow">filed for bankruptcy</a> in November 2022, says the approval forms part of its Chapter 11 plans as it inches closer to the settlement of its debts. 
According to Mark Renzi, BlockFi’s chief restructuring officer, the disclosure statement moves the company closer to its Chapter 11 goals. He added further that the plan set out highlights the best way to quickly return clients’ assets back to them. 
The plan, which was recommended by both BlockFi and the Official Committee of Unsecured Creditors, is set to maximize the recovery of funds for clients and ensure quick distribution of debts. Likewise, the firm believes the plan will help bring its Chapter 11 cases to a fair conclusion. 
Additionally, the plan details the return of digital assets held in BlockFi accounts before it stopped withdrawals. Similarly, it makes provisions for the return of non-wallet assets to creditors. The plan also provides for the winding up of the company’s affairs.&nbsp; 
Notably, BlockFi will not claw back amounts under $250,000 properly transferred to the … 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/blockfi-inches-closer-to-settlement-in-bankruptcy-court-win/">BlockFi Inches Closer to Settlement in Bankruptcy Court Win</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

BlockFi Inches Closer to Settlement in Bankruptcy Court Win

Coin Edition

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