BlockFi Files for Chapter 11 Bankruptcy in New Jersey (1)

BlockFi Inc. and eight of its affiliates commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey.

• Moved aimed at stabilizing its business and provide the Co. with the opportunity to consummate a comprehensive restructuring transaction
• Co. will focus on recovering all obligations owed to BlockFi by its counter parties, including FTX and associated corporate entities
• Also initiated an internal plan to considerably reduce expenses, including labor costs
• BlockFi has $256.9m in cash on hand, which it says is expected to provide sufficient liquidity to support certain operations ...