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Will Creditors Finally Get Their Due?
The post Will Creditors Finally Get Their Due? appeared on BitcoinEthereumNews.com. Good news for FTX creditors! FTX’s reorganization plan is on the brink of approval after securing substantial backing from its creditors. With 95% of creditors in favor, representing 99% of the claim value, the plan aims to distribute between $14.5 billion and $16.3 billion in recovered assets. This significant support demonstrates a general agreement among creditors, including those linked to FTX U.S. and Dotcom, ensuring a smoother resolution process. This marks a crucial moment in their journey to address the fallout from their collapse in November 2022. Key Provisions of the Reorganization Plan In a recent press release, the firm announced that the reorganization plan promises full repayment of claims, plus interest, to non-governmental creditors. It addresses various contentious issues to avoid prolonged legal disputes, aiming for a resolution by October 7, 2024, when the final vote counts will be announced. However, the plan also includes the payment of interest at up to 9% from the start of the Chapter 11 cases until distribution. John J. Ray III, FTX’s CEO and Chief Restructuring Officer, expressed gratitude to all stakeholders and creditors for the large voting turnout showing support for the reorganization plan. The plan emphasized the firm’s commitment to returning 100% of bankruptcy claim amounts plus interest for non-governmental creditors. Interest Payments and Legal Battles: What’s at Stake? In short, the reorganization plan involves the distribution of almost all assets related to FTX’s bankruptcy, including those managed by entities like the Joint Official Liquidators of FTX Digital Markets Ltd (Bahamas) and the Securities Commission of The Bahamas. The recovery, driven by the realization of assets owned by Alameda Research and FTX Ventures, could reach up to $16.3 billion. Having said that, FTX is also wrestling with a scoop of legal cases, including lawsuits against former executives. Notably, former CEO Sam…
The post Will Creditors Finally Get Their Due? appeared on BitcoinEthereumNews.com.
Good news for FTX creditors! FTX’s reorganization plan is on the brink of approval after securing substantial backing from its creditors. With 95% of creditors in favor, representing 99% of the claim value, the plan aims to distribute between $14.5 billion and $16.3 billion in recovered assets. This significant support demonstrates a general agreement among creditors, including those linked to FTX U.S. and Dotcom, ensuring a smoother resolution process. This marks a crucial moment in their journey to address the fallout from their collapse in November 2022. Key Provisions of the Reorganization Plan In a recent press release, the firm announced that the reorganization plan promises full repayment of claims, plus interest, to non-governmental creditors. It addresses various contentious issues to avoid prolonged legal disputes, aiming for a resolution by October 7, 2024, when the final vote counts will be announced. However, the plan also includes the payment of interest at up to 9% from the start of the Chapter 11 cases until distribution. John J. Ray III, FTX’s CEO and Chief Restructuring Officer, expressed gratitude to all stakeholders and creditors for the large voting turnout showing support for the reorganization plan. The plan emphasized the firm’s commitment to returning 100% of bankruptcy claim amounts plus interest for non-governmental creditors. Interest Payments and Legal Battles: What’s at Stake? In short, the reorganization plan involves the distribution of almost all assets related to FTX’s bankruptcy, including those managed by entities like the Joint Official Liquidators of FTX Digital Markets Ltd (Bahamas) and the Securities Commission of The Bahamas. The recovery, driven by the realization of assets owned by Alameda Research and FTX Ventures, could reach up to $16.3 billion. Having said that, FTX is also wrestling with a scoop of legal cases, including lawsuits against former executives. Notably, former CEO Sam…
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