Terraform Labs Files for Bankruptcy Chapter 11 in Delaware

The company stated that it will keep expanding its Web3 offerings during this period.

Singapre-based firm, Terraform Labs, filed for Chapter 11 bankruptcy protection in the United States on January 21.

The company revealed in a filing with the bankruptcy court in Delaware that its assets and debts are estimated to fall within the range of $100 million to $500 million.

Terraform Bankruptcy Filing | Source: Court Filings

“The filing will allow TFL to execute its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and U.S. litigation involving the Securities and Exchange Commission (SEC),” Terraform Labs said in a statement.

The company stated that it will meet all its financial commitments to employees and suppliers during the Chapter 11 case without requiring additional financing and will also keep expanding its Web3 offerings during this period.

Also Read: SEC Delays Legal Proceedings Against Terraform Labs and Co-founder Do Kwon

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