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After weeks of suspicion that it was operationally insolvent, the crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy in the Southern District of New York late Friday.
Generally, Chapter 15 filings are related to overseas actions. A court in the British Virgin Islands earlier ordered the local arm of Three Arrows to liquidate, suggesting that Friday's application is related. Teneo Restructuring of the United States has been hired to manage the liquidations.
The company could not repay substantial sums of money obtained from multiple crypto lenders, including BlockFi, Celsius, Babel Finance, and Voyager Digital. The lenders must suspend withdrawals or extend credit lines to weather the storm. Chapter11dockets.com disclosed the bankruptcy first, followed by Bloomberg's news of a Chapter 15 filing.
Bloomberg reports that the Chapter 15 petition will let the company to safeguard its U.S. assets while its BVI assets are liquidated.
“The Debtor’s business has collapsed in the wake of extreme fluctuations in cryptocurrency markets,” the statement stated, adding that Three Arrows intends to “to stay active efforts by individual creditors to seize assets and to preserve the status quo.”
“The Debtor’s financial distress and the BVI Proceeding have been widely reported, and the result of the proceeding has implications on the global digital asset markets,” the petition continued.
Contact with Three Arrows Capital was not immediately possible.