Tag: Kirkland & Ellis

Crypto Contagion: BlockFi Files For Chapter 11 Bankruptcy!

Bankruptcies Ben - November 29, 2022

The next in line is giving up in the Crypto Contagion. The crypto lender BlockFi is the latest victim of contagion within the industry following the collapse of the crypto exchange FTX. The company and eight of its affiliates filed for Chapter 11 bankruptcy. According to the filing, BlockFi has over 100,000 estimated creditors and up to $10 billion in liabilities. The filing says that the firm has $256.9 million cash in hand.

Expected! Crypto Lender Celsius Initiated Chapter 11 Bankruptcy Proceedings!

Bankruptcies Ben - July 14, 2022

This move was expected. The collapsed crypto lender Celsius Network announced that it initiated voluntary Chapter 11 proceedings to restructure and stabilize its business "that maximizes value for all stakeholders." To implement the restructuring, the Company and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.

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