• BlockFi announced that it will be revealing its Statement of Financial Affairs on January 11th, 2023.
• The company had previously laid off 20% of its workforce in the summer of 2022.
• BlockFi will be filing its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11th.
BlockFi, the embattled crypto lending platform, recently announced that it will be filing both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11th. This disclosure of assets and liabilities will provide an important insight into the company’s financial standing prior to its bankruptcy filing in November.
The news of BlockFi’s filing comes at a time when the company is struggling to survive amid industry headwinds. In the summer of 2022, the company had to lay off 20% of its workforce in order to cut costs and remain afloat. The filing of the Statement of Financial Affairs will provide the public with a detailed look at the company’s financials and may provide insight into how the company has been managing its finances.
In a press release, BlockFi stated that it “looks forward to continuing its open dialogue with the UCC, U.S. Trustee, and all stakeholders in its chapter 11 cases”. The company also noted that more information related to the Claims Process and the filing of Proof of Claims will be sent to clients.
This filing is important in that it will provide creditors and other stakeholders with an accurate picture of the company’s financial standing prior to its bankruptcy. It will also provide insight into the payments made to insiders and other parties prior to the bankruptcy filing.
The filing of the Statement of Financial Affairs is a positive step for BlockFi and its stakeholders. It will show that the company is willing to be open and transparent about its finances and will help to restore some of the trust that has been lost as a result of its bankruptcy filing. By providing this information, BlockFi is demonstrating its commitment to providing its creditors and other stakeholders with an accurate picture of its financials.
Overall, the filing of the Statement of Financial Affairs is a crucial step for BlockFi and its stakeholders. It will provide creditors and other stakeholders with an accurate picture of the company’s financials prior to its bankruptcy filing. It will also provide insight into the payments made to insiders and other parties prior to the bankruptcy filing. By providing this information, BlockFi is demonstrating its commitment to providing its creditors and other stakeholders with an accurate picture of its financials.