Terraform Labs has been approved by a U.S. bankruptcy court to begin liquidation

2024-09-20 07:57:46

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ChainCatcher news, according to Reuters, Terraform Labs received approval from a U.S. bankruptcy court on Thursday to begin liquidation. U.S. Bankruptcy Judge Brendan Shannon approved Terraform's bankruptcy plan during a hearing in Wilmington, Delaware, stating it was a "popular alternative" to continue litigation for investor losses. Terraform estimates that as part of the bankruptcy liquidation, it will be able to pay between $184.5 million and $442.2 million to cryptocurrency investors and other stakeholders.

Previous news, according to the official announcement from Terra, the confirmation hearing for the Chapter 11 bankruptcy reorganization plan of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19, 2024, at 10 AM Eastern Time (10 PM Beijing Time).

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