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BlockFi Says It's Taken Major Step Toward Emerging From Bankruptcy

BlockFi’s creditors have approved its bankruptcy restructuring plan, clearing one of the final hurdles in a months-long process to wind down the firm’s business and reimburse its clients, a Friday email from BlockFi to its creditors shows. The restructuring plan, which more than 90% of creditors approved, will enable BlockFi to recover the assets it lost to crypto exchange FTX and failed hedge fund Three Arrows Capital, allowing the lender to put more money in creditors’ pockets, the company said. A bankruptcy court must greenlight the plan to finalize it, BlockFi said in the email. Once it's approved, the company will be cleared to distribute the related funds to its creditors.

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