FTX Restructuring Plan Supported by Over 95% of Creditors!

Bittime - FTX's restructuring plan finally received support from creditors. LMore than 95% of creditors who voted supported this restructuring plan.  

FTX Restructuring Confirmation Hearing

John J. Ray III, CEO and Chief Restructuring Officer of FTX, stated that this high level of voting shows strong support for FTX's reorganization plan. 

Most importantly, the innovative structure in this plan is to provide 100% refund of the bankruptcy claim amount plus interest to non-government creditors, as well as resolve complex disputes with various government and private parties. 

This restructuring plan confirmation hearing is scheduled for October 7, 2024. This is an effort by FTX to complete the Chapter 11 process and begin distributing cash to their customers.

Read Also: FTX and Alameda Research Obliged to Pay $12.7 Billion to Creditors 

Refund by FTX

Previously, a New York court judge had agreed to FTX and Alameda to return $12.7 billion to creditors. 

This is the process of settling the obligations that FTX has towards its creditors. This decision is a positive signal for creditors, considering the large amount of funds that will be returned.

FTX Next Steps

FTX will file final voting results with the US Bankruptcy Court for the District of Delaware before confirmation hearings begin. All documents related to the litigation, including this restructuring plan, are accessible to the public.

With support from creditors, this restructuring plan provides an opportunity for FTX to emerge from the crisis and refocus on further business operations.

Read Also: Terra's Bankruptcy Confirmation Hearing Scheduled for September 19

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