Terraform Labs Bankruptcy Hearing Set for September 19
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Terraform Labs (TFL), the company behind the Terra ecosystem, made an important announcement on Wednesday regarding its ongoing Chapter 11 bankruptcy proceedings.
The Bankrupt crypto firm is set to face its Chapter 11 bankruptcy reorganization hearing on September 19. The hearing will be critical in determining the company’s fate following its ongoing legal battles and financial instability since the collapse of its Terra ecosystem in 2022.
The court’s decision will decide whether Terraform Labs can successfully restructure and emerge from bankruptcy or if it will be forced to liquidate its remaining assets and cease operations entirely.
Important Notice for the Terra Community regarding the Plan Confirmation Hearing:
The Plan Confirmation Hearing in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to September 19, 2024 at 10:00 a.m. (ET).
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On August 21, TFL took to X to disclose details of the hearing, which involves both Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL). This hearing is a critical step in the company’s bankruptcy reorganization plan.
Today, August 21, also marks the deadline for creditors to file their Preliminary Crypto Loss Proof of Claim forms, a necessary step for those wishing to vote on the proposed Chapter 11 Plan.
Terraform Labs filed for Chapter 11 bankruptcy in January and reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June.
The Bankruptcy Court for the District of Delaware recently
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