According to ChainCatcher, Chicago-based BlockFills has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. The filing indicates that the company estimates its assets to be between $50 million and $100 million, and its estimated liabilities to be between $100 million and $500 million.
In a statement released Sunday, BlockFills said that after extensive discussions with investors, customers, and creditors, Chapter 11 bankruptcy proceedings are "the most responsible path forward." This restructuring filing will allow the company to restructure in an orderly manner under court supervision, while maintaining transparency and oversight. The company added that the move aims to "stabilize the business, seek more liquidity and recovery pathways, and explore potential strategic transactions," while emphasizing that protecting customer interests "remains a top priority."
