Defunct Bitcoin Exchange MtGox Files to Liquidate

To anyone concerned
Mark Marie Robert Karpeles
Representative Director
MtGox Co., Ltd.
11-5, Shibuya 2-chome, Shibuya-ku, Tokyo

Information regarding the dismissal of the application for commencement of a civil rehabilitation procedure and the order for provisional administration MtGox Co., Ltd. applied on February 28, 2014 for commencement of a civil rehabilitation procedure at the Tokyo District Court (Tokyo District Court 2014 (rehabilitation) no. 12, the "Civil Rehabilitation Procedure").

During the following 1 month and a half, an investigation has proceeded with regard to the past factual elements related to the disappearance of bitcoins and missing funds which were the cause of said application, but it is expected that said investigation will still require some time and at this time, there are no prospects for the restart of the business. Further, MtGox Co., Ltd. is continuing the negotiations with sponsor candidates but the concrete selection process has not yet started.

Taking into account this situation and the fact that the drafting of a rehabilitation plan and its adoption or approval appear difficult, after consultation with the Court and the Supervisor on the continuation of the procedure, the Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued and Attorney-at-law Nobuaki Kobayashi (Supervisor and Examiner under the Civil Rehabilitation Procedure) was appointed Provisional Administrator. With regard to the provisional administration order, please refer to the "Announcement of the Order for Provisional Administration, etc." prepared by the Provisional Administrator and published on MtGox Co., Ltd.'s website (https://www.mtgox.com).

The dismissal of the application for commencement of a civil rehabilitation procedure will create great inconvenience and concerns to our creditors for which we apologize.

MtGox Co., Ltd. intends to fully cooperate with the Provisional Administrator including by handing over to the Provisional Administrator current negotiations with sponsor candidates to maximize the distribution to all creditors following a transfer of the business to a sponsor.

MtGox also issued the following with respect to filing for liquidation:

You May Also Be Interested In

• Beneficient (BENF) Responds to Claims Made by GWG Litigation Trustee
• Addus HomeCare (ADUS) Comments on Final Department of Health and Human Services Rule
• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts