The proposed restructuring plan of FTX, the defunct cryptocurrency exchange, has been welcomed by the exchange’s creditors. In a recent filing made, over 94% of the FTX Dotcom customer class endorsed the plan. This shows that there is much support for the proposed move.
Majority of FTX Dotcom Creditors Support Plan
On Monday, Kroll Restructuring Administration that is in charge of the voting procedure stated that 94.48% of FTX Dotcom creditors who cast their ballots agreed to the reorganization plan.
These creditors amounting to $6.83 billion claims are the biggest group of creditors. It proposes to pay back most creditors with cash at a level of 118 percent of their claims.
#FTX update– Court Hearing and Settlement: There was a court hearing scheduled for October 7, 2024, regarding the approval of settlements and the broader reorganization plan for FTX. This hearing was crucial for determining when creditors might start receiving repayments, with… https://t.co/Ms9b
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