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Storj Labs Seeks Bankruptcy Protection Amid Legacy Debt Concerns

Guavy AI Editorial Team
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STORJ
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Storj Labs has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of West Virginia to address legacy debt.

The company voluntarily submitted the filing, which will allow it to continue operating in the ordinary course while reorganizing its finances and resolving outstanding obligations.

Storj Labs stated that the underlying business is strong but constrained by earlier-phase commitments. It emphasized that the restructuring process aims to create a cleaner ownership structure and align ownership among management, the decentralized community, token holders, and investors.

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