Decentralized storage project Storj is undergoing a financial restructuring and plans to use a court-supervised process to address legacy debt, according to Techub News. The company said its operations, services, and network remain fully functional and that the move does not amount to a business shutdown. During the restructuring, employee compensation and routine operating obligations are expected to be paid as normal, while historical liabilities will be handled within the process through a claims agent. Storj also said its token’s utility on the network will remain unchanged. In addition, the company plans to propose a structure that would allow token holders to participate in ownership of the reorganized company, subject to court approval and completion of legal procedures.
Decentralized storage project Storj is undergoing a financial restructuring and plans to resolve legacy debt through a court-supervised process, according to Techub News.
Storj said its operations, services, and network are continuing as normal, and that the restructuring does not mean the business is shutting down.
The company said employee pay and day-to-day operating obligations are expected to be met during the process. Historical debt will be handled within the restructuring by a claims agent.
Storj also said the token’s utility within the network will remain unchanged. The company plans to propose allowing token holders to participate in the ownership of the reorganized company, though that proposal still requires court approval and completion of legal procedures.
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