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FTX has announced an ambitious plan to repay 98% of its creditors with at least 118% of their allowed claims, according to its latest reorganization proposal. The plan, not yet approved, outlines payments between $14.5 billion and $16.3 billion available for distribution. FTX CEO John J. Ray III expressed satisfaction with the proposal, which promises full repayment plus interest for non-governmental creditors affected by the company’s 2022 collapse.
The strategy focuses on centralized distribution for all FTX customers and creditors, irrespective of the location of their assets. Notably, those with claims under $50,000 are slated to receive 118% compensation, pending U.S. Bankruptcy Court approval, with repayments to commence within 60 days of the plan’s effective date.
FTX’s ability to propose such generous terms stems from liquidating a “diverse collection” of assets, primarily from Alameda and FTX Venture holdings and litigation claims. This approach was chosen despite the minimal bitcoin and ether holdings, which missed the recent price surge. This move marks a significant turn from the turmoil following the illicit activities of former executives, including Sam Bankman-Fried, who was sentenced to nearly 25 years in prison.
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Under the plan, 98% of FTX creditors will get at least 118% of their claims back — the remainder will receive all of their claims “plus billions in compensation,” says FTX.
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Under the plan, 98% of FTX creditors will get at least 118% of their claims back — the remainder will receive all of their claims “plus billions in compensation,” says FTX.
Read more on Cointelegraph
Under the plan, 98% of FTX creditors will get at least 118% of their claims back — the remainder will receive all of their claims “plus billions in compensation,” says FTX.
Read more on Cointelegraph