The decentralized storage provider says its network will continue operating during Chapter 11 as it explores a court-approved ownership mechanism for STORJ holders.
Decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection. The company said it plans to keep its network running while restructuring legacy liabilities and exploring an ownership pathway for STORJ tokenholders.
On Sunday, Storj said it filed the voluntary case in the US Bankruptcy Court for the Northern District of West Virginia. The company said ordinary operations and customer services would continue during the process, subject to court oversight, while its parent company, Inveniam, would continue to support the business.
The restructuring could become an unusual test of whether utility-token holders can participate in the ownership of a company emerging from bankruptcy.
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