Terraform Labs has said that its Chapter 11 bankruptcy protection filing would enable the pursuit of an appeal against the US Securities and Exchange Commission’s (SEC) securities fraud lawsuit. In a recent filing, Terraform Labs CEO Chris Amani emphasized the importance of bankruptcy protection for the company’s operations and the preservation of value for stakeholders, including the Terra community. The company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on January 21, citing estimated assets and liabilities between $100 million and $500 million. The bankruptcy proceedings are set to begin with a hearing on Wednesday in the United States.
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