ICYMI: Three Arrows Capital files for Chapter 15 bankruptcy in New York
, is seeking the protection of its US-based assets amid the BVI court proceedings."The Debtor is an investment firm incorporated in the BVI with a focus on trading cryptocurrency and other digital assets that was reported to have over $3 billion of assets under management as of April 2022. The Debtor’s business has collapsed in the wake of extreme fluctuations in cryptocurrency markets.
"Without the relief requested herein, creditors may pursue a value-destructive race to the courthouse to exercise rights in a manner that would enhance their own position vis-à-vis other similarly situated creditors. Such a turn of events, would undermine the very purpose of the BVI Proceeding: to establish an orderly, value-maximizing liquidation of the Debtor’s assets for the benefit of all creditors," the petition stressed.
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