FTX Restructuring Plan Approved, Refund in Cash!

Bittime - FTX's bankruptcy case entered a new chapter after Judge John Dorsey of the Delaware Bankruptcy Court approved FTX's proposed restructuring plan.

That way, FTX will start paying off debts to customers, with the promise of a full return in cash with interest. Read this article to find out more!

FTX Restructuring Plan Details

With this FTX restructuring plan, 98% of FTX creditors will receive refunds estimated at 119% of allowed claims. 

These returns will be made within 60 days after the plan's effective date, provided creditors comply with identity verification requirements and other distribution requirements.

Therefore, The majority of FTX users who experience losses due to bankruptcy will recover funds in amounts that even exceed the initial value of the claim. 

Read Also: FTX Restructuring Plan Supported by Over 95% of Creditors!

Assets Pooled for FTX Restructuring 

FTX expects the total value of assets collected and converted to cash, and to be distributed to creditors, to be between $14.7 billion to $16.5 billion.  

This FTX restructuring process of course involves the liquidation of various types of assets and the exchange of crypto into cash. 

Since bankruptcy, FTX has worked closely with various parties to ensure that all assets that may still be under the company's control can be recovered and returned to creditors.

Requirements for FTX Restructuring 

To ensure the smooth distribution of FTX restructuring, there are several compliance requirements that must be met by creditors. 

One of them is identity verification which will ensure that each payment recipient is indeed an eligible individual or entity.  

Additionally, there are also other distribution requirements that creditors must meet before they can receive their funds. 

By complying with the requirements, the FTX restructuring process and customer refunds can run smoothly and in accordance with applicable regulations.

Read Also: SEC Opposes FTX's Plan to Pay Creditors with Stablecoins   

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