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Crypto Investment Firm Cred Inc. Gets Nods On Ch. 11 Plan
Law360 (March 11, 2021, 6:47 PM EST) Bankrupt cryptocurrency investment firm Cred Inc. received court approval Thursday in Delaware for its Chapter 11 plan of liquidation that will create a trust to distribute the remaining assets of the debtor consisting of Bitcoin, cash and proceeds from potential causes of action.
During a virtual confirmation hearing, debtor attorney James T. Grogan of Paul Hastings LLP said the plan was achieved through months of negotiations among stakeholders and was a positive result given the reports of mismanagement that plagued the company prior to its bankruptcy filing.