News & Insights Client News News & Insights Client News BlockFi Turns to Kirkland, Haynes Boone for Bankruptcy Case Nov 28, 2022 BlockFi files for bankruptcy protection after FTX blowout. Kirkland, Haynes Boone, Cole Schotz among advisors November 28th, 2022 / Bloomberg Law – BlockFi Inc. is counting on lawyers from Kirkland & Ellis, Haynes and Boone and Cole Schotz to work out a plan to repay creditors as the crypto firm filed for bankruptcy following FTX’s sudden collapse. Kirkland and Haynes Boone will serve as general bankruptcy co-counsel, according to the court filing in New Jersey on Monday. Cole Schotz is local counsel. Joshua Sussberg and Christine Okike are leading the case for Kirkland, according to two people familiar with the matter. Richard Kanowitz heads the Haynes Boone team, a firm spokesman confirmed. Michael Sirota is the attorney of record for Cole Schotz in the bankruptcy docket. Kirkland has taken an early lead advising on large crypto bankruptcies, as it is advising crypto lenders Celsius Network LLC and Voyager Digital Holdings Inc., which sought bankruptcy protection earlier this year. The rise of crypto bankruptcies has provided some firms much more work in recent months in the countercyclical practice, bolstering some groups against a wider downturn in transactional activity like capital markets and mergers and acquisitions. BlockFi lists assets and liabilities between $1 billion and $10 billion each, according to its petition. The company has around $257 million of cash on hand. BlockFi has turned to former Kirkland partner Jon Henes’ C Street Advisory Group for restructuring advisory services and strategic communications, according to the filing. Sussberg in July told a bankruptcy judge that the first-of-its-kind crypto bankruptcy filed by Voyager was “uncharted territory” as the company seeks to return assets to customers. Okike joined Kirkland from longtime restructuring rival Skadden last year, becoming the firm’s first lateral restructuring partner hire since 2009. That hire came during a boom in pandemic-induced bankruptcy filings that petered out and led to a prolonged downturn in major Chapter 11 filings. Haynes Boone’s Kanowitz is a New York partner who joined the firm in 2020 from Cooley, where he’d spent more than 20 years representing corporate debtors, creditors’ committees and other parties in restructurings. Crypto exchange FTX has turned to Sullivan & Cromwell to lead its bankruptcy case. Read the Bloomberg Law article Share this article Featured Insights The Comeback Playbook: How Strategic Communications and Branding Drive Corporate Turnarounds Related Articles Dec 6, 2024 Celsius Begins Distributions of Funds Successfully Recovered By the Litigation Oversight Committee and Litigation Administrators Through Post Effective-Date Litigation and Asset Recoveries Announces Additional Distribution Payment of More Than $125 Million to Eligible Creditors Initial Distribution Represents... Read the Article May 7, 2025 C Street Works Weight Watchers Chapter 11 WW International has filed for Chapter 11 as its Weight Watchers unit faces heavy competition... Read the Article Apr 4, 2025 Sunnova Receives Continued Listing Notice from NYSE HOUSTON–(BUSINESS WIRE)–Sunnova Energy International Inc. (the “Company”) (NYSE: NOVA) today announced that on April 1,... Read the Article Apr 30, 2025 Celsius Network Litigation Administrator Reaches Mass Settlement Framework with Largest Defense Groups and Expands Offer to Certain Remaining Preference Defendants The Litigation Administrator of Celsius Network, LLC (the “Litigation Administrator”), today announced the implementation of... Read the Article Dec 11, 2024 SEKO Logistics Closes Landmark Recapitalization Transaction and Announces New Leadership Appointments to Drive Next Era of Growth Strategic Recapitalization Strengthens Financial Foundation, Fostering Long-Term Stability and Industry Leadership New Executive Leadership Appointments... Read the Article Feb 5, 2025 ZIPS Car Wash Takes Strategic Action to Strengthen Financial Foundation and Advance Operational Transformation ZIPS Car Wash remains open and operational, providing high-quality service at the best value for... Read the Article
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