The court ruled that a little delay was acceptable for the case’s smooth continuation.
The committee said that they wanted to see evidence before granting an extension.
A bankruptcy court in New Jersey ruled on Wednesday that the cryptocurrency platform BlockFi Inc. has until the middle of the next month to submit its Chapter 11 or reorganization plan. The court ruled that a little delay was acceptable to ensure the case’s smooth continuation.
Representing BlockFi, attorney Joshua Sussberg allegedly called the delay “modest.” And promised that within two weeks, the company will have a plan ready for review by the unsecured creditors.
Most Likely Final Deadline
U.S. Bankruptcy Judge Michael B. Kaplan noted “unusual” legal and regulatory hurdles for the plan, as reported by Law360, and expressed a desire to avoid “wasted dollars and efforts” in processing the multiple plan applications.
Judge Kaplan was cited when giving his decision, saying:
“The estate does not benefi
We współpracy z: https://thenewscrypto.com/defunct-crypto-lender-blockfi-gets-extension-for-restructuring-plan/
