6 months ago
30 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.
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