4 months ago
22 ARTICLE AD
FTX's plan ensures swift cash payouts to nearly all creditors.
FTX Trading, commonly known as FTX.com, and its affiliated debtors have announced a major development in their bankruptcy proceedings. According to the newly filed Plan of Reorganization, 98% of FTX creditors are expected to receive at least 118% of their allowed claims in cash within 60 days of the plan’s effectiveness.
The remaining creditors are set to receive 100% of their claims and additional compensation for the time value of their investments.
The plan, filed 17 months after FTX’s Chapter 11 bankruptcy in Delaware, aims to distribute nearly all assets associated with FTX at the time of its collapse in November 2022. The anticipated total value of distribution, derived from a diverse collection of assets and litigation claims, ranges between $14.5 and $16.3 billion.
Despite Bitcoin and Ethereum’s shortfall at the time of filing, FTX has not benefited from the appreciation of these missing tokens but has focused on other recoverable values to repay creditors.
John J. Ray III, CEO and Chief Restructuring Officer of FTX, expressed gratitude towards the governmental agencies and other stakeholders for their cooperation in the recovery process.
“We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” he stated.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
