The failed bitcoin exchange Mt Gox has given up on its plan to rise from the ashes under bankruptcy protection. Instead, according to the Wall Street Journal, it has asked a Tokyo court for permission to be liquidated.
“People familiar with the situation” told the newspaper that the sheer complexity of the operation to rebuild itself is what’s stymied the original ambitions. In particular, the sources cite the difficulty of holding meetings with creditors scattered across the world — oh, as well as “the lack of realistic rehabilitation plans”.
Liquidation isn’t a great step for creditors, as it means they will recoup less on their investments. But one person “close to Mt Gox” apparently believes that there’s still hope that someone, somewhere, is bold and brave enough to buy the company and re-energise it.
Really, they would have to very bold and very brave indeed. Having lost somewhere in the region of half a billion dollars, Mt Gox would be a tough ship to right. Good luck to them, if they really are out there. [WSJ]