McDermott secures record-fast Chapter 11 confirmation for BlockFills

Global law firm McDermott Will & Schulte represented Reliz Technology Group Holdings Inc. and its affiliated debtors (d/b/a BlockFills) in a U.S. crypto Chapter 11 case that reached confirmation in record time. On July 13, 2026, Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware confirmed the debtors’ Chapter 11 plan, just 122 days after BlockFills’ March 15, 2026 filing.

BlockFills was the first crypto derivatives platform focused on eligible contract participants (institutions or sophisticated high net-worth individuals) to enter Chapter 11. The case combined contested estate-property disputes, litigation targeting directors and officers, and a going-concern sale, all of which were resolved within a single compressed proceeding.

BlockFills entered Chapter 11 with a term sheet that McDermott negotiated with a group of BlockFills’ largest creditors. That framework permitted both a creditor-led reorganization and a court-supervised asset sale on parallel tracks.

Drawing on the FinTech and Blockchain Practice Group’s expertise in on-chain transaction analysis and crypto-tracing arguments, McDermott confronted early procedural objections and resolved individual creditor litigation claims before they could delay confirmation. The team’s early success against third parties prevented those disputes from draining estate assets through defense costs and indemnity obligations or exhausting the debtors’ directors-and-officers insurance.

McDermott’s Restructuring team also ran a competitive, court-supervised sale that resulted in a purchase of substantially all BlockFills assets. The sale funded the estates and supported the expedited plan process.

With McDermott as debtors’ counsel, BlockFills reached confirmation in 122 days, setting a new benchmark for efficiency in Chapter 11 cases involving a crypto trading platform by completing plan confirmation process faster than BlockFi (309 days), Celsius (484 days), Genesis Global (498 days), and FTX (697 days).

“Our restructuring team’s experience in cryptocurrency matters allowed us to navigate the unique challenges presented in BlockFills while maintaining a focus on speed and efficiency,” said Darren Azman, Global Co-Head of McDermott’s Business Restructuring group. “By combining deep restructuring expertise with an understanding of the evolving digital asset landscape, we were able to advance the case efficiently, address complex issues in real time, and help drive a successful process for all stakeholders.”

“BlockFills was the first case at the intersection of crypto, derivatives, and insolvency,” said Joseph B. Evans, Head of McDermott’s FinTech and Blockchain Group. “It was a major team effort to get this case from petition to confirmation in only 122 days. We took an aggressive approach and obtained important decisions along the way – BlockFills was one of the most efficient crypto bankruptcy cases ever filed.”

The McDermott team was led by Darren Azman, Joseph B. Evans, Gregg Steinman, David R. Hurst, and Steve Knipfelberg, with invaluable support from Dan Kaltman, Chris Vaughan, Catherine Lee Bloomberg, Carole Wurzelbacher, Ethan Dover, and Andrew Mark. Mark Renzi of Berkeley Research Group served as Chief Restructuring Officer.