MtGox creditors seek civil rehabilitation; examiner reviewing petition

By Caroline Salls

Pittsburgh, Nov. 29 – Some MtGox Co., Ltd. creditors filed a petition for the commencement of civil rehabilitation proceedings with the Tokyo District Court on Nov. 24, according to an announcement made Wednesday by MtGox bankruptcy trustee Nobuaki Kobayashi.

The trustee said the court issued an examination order, and an examiner has been appointed to examine whether there are reasons to dismiss the petition.

As a result, Kobayashi said the filing of the petition itself does not mean that civil rehabilitation proceedings have begun.

Unless the court makes a new decision, the company’s bankruptcy proceedings will proceed as before, and the bankruptcy trustee will continue to have the right to administer and dispose of the bankruptcy estate.

MtGox is a Tokyo-based online bitcoin exchange operator. The company filed for Chapter 15 bankruptcy on March 9, 2014 in the U.S. Bankruptcy Court for the Northern District of Texas under case number 14-31229.

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