Article
Yinke discloses latest developments in the Bitmain bankruptcy case: asset sale approved, claims filing deadline approaching
BlockBeats reports,October 26, according to a disclosure by Yinke Law Firm, the Texas mining facility assets of the debtor affiliated with Bitmain (Poolin) have been approved for sale by the U.S. Bankruptcy Court for the District of New Jersey, with a maximum transaction consideration of approximately 180000000 USD, of which 100000000 USD is payable at closing, with up to 80000000 USD tied to subsequent milestones. The case is gradually moving into the claims determination and distribution phase, and the window for creditors to file claims is narrowing.
The proposed deadline for filing general unsecured claims is December 31, 2026 at 4 p.m. Eastern Time (January 1, 2027 at 5 a.m. Beijing Time), and the court is scheduled to conduct a hearing on November 10. Under Chapter 11 of the U.S. Bankruptcy Code and applicable rules, claims for which Proof of Claim must be submitted may be affected in terms of claim determination, plan voting, and subsequent distributions if they are not filed before the Bar Date finally determined by the court.
Yinke attorney Wang Yufeng said that it is not uncommon for foreign creditors to lose eligibility for distributions by missing the Bar Date. In cross-border bankruptcy cases, “having submitted materials” does not mean “having completed a valid claim filing.” The Poolin case involves a large number of Chinese users, with claims including platform balances,IOU, and mining pool proceeds, among others. Identifying the debtor entities, matching amounts with currencies, classifying the nature of claims, and meeting evidentiary format requirements may all affect the validity of a claim filing.
Original link https://m.theblockbeats.info/flash/373769