Express
FTX Gets Court Approval for Up To $16.5 Billion Liquidation Plan
Summary: The U.S. Bankruptcy Court of Delaware has given the green light to FTX's liquidation reorganization plan, paving the way for billions of dollars in assets to be distributed to creditors. Under the approved plan, an estimated 98% of FTX creditors will receive approximately 119% of their allowed claims within 60 days of the plan's effective ...
The U.S. Bankruptcy Court of Delaware has given the green light to FTX's liquidation reorganization plan, paving the way for billions of dollars in assets to be distributed to creditors.
Under the approved plan, an estimated 98% of FTX creditors will receive approximately 119% of their allowed claims within 60 days of the plan's effective date. However, this distribution is subject to various conditions, including customer knowledge requirements and other distribution protocols.
The total value of assets available for distribution is expected to range between $14.7 billion and $16.5 billion, a significant amount that could provide substantial relief to FTX's creditors. This includes assets held by both the Chapter 11 debtors and FTX Digital Markets, Ltd. (Bahamas), as well as those recovered through the efforts of joint liquidators, FTX Australia administrators, the U.S. Department of Justice, and numerous private groups.
The debtor will announce the specific effective date and expected first distribution date at a later time.
Tags: FTX
Link: FTX Gets Court Approval for Up To $16.5 Billion Liquidation Plan [Copy]
