{"id":45636,"date":"2024-05-08T04:01:30","date_gmt":"2024-05-08T04:01:30","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/08\/ftx-files-amended-reorganization-plan-expects-14-5-billion-16-3-billion-for-distribution\/"},"modified":"2024-05-08T04:01:30","modified_gmt":"2024-05-08T04:01:30","slug":"ftx-files-amended-reorganization-plan-expects-14-5-billion-16-3-billion-for-distribution","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/08\/ftx-files-amended-reorganization-plan-expects-14-5-billion-16-3-billion-for-distribution\/","title":{"rendered":"FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution"},"content":{"rendered":"
\"FTX<\/div>


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Crypto exchange FTX<\/a> will have between $14.5 billion to $16.3 billion to pay its creditors<\/a> and customers<\/a>, according to an amended reorganization plan<\/a> filed by the company on Tuesday in a U.S. bankruptcy<\/a> court.<\/p>\n

FTX said it has anticipated the figure based on monetizing assets<\/a>, most of which were investments owned by Alameda Research<\/a>, a crypto-focused hedge fund controlled Sam Bankman-Fried<\/a>, FTX Ventures<\/a> businesses, and litigation claims.<\/p>\n

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The amount for distribution<\/a> includes assets under the control of the chapter 11 debtors, as well as those controlled by liquidators of FTX Bahamas Digital Markets<\/a>, Bahamas Securities Commission<\/a>, liquidators of FTX’s Australia unit, the United States Department of Justice (DOJ) and several private parties, the statement added.<\/p>\n

The company said the amended plan<\/a> focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval.<\/p>\n

The plan put forward by FTX creates a “convenience class” for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court.<\/p>\n

“We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” CEO John Ray said.<\/p>\n

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In February, the distressed crypto currency trading platform had $6.4 billion in cash. Earlier this year, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers.<\/p>\n

FTX, once among the world’s top crypto exchanges, shook the sector in November 2022 by filing for bankruptcy, leaving an estimated 9 million customers and investors facing billions of dollars in losses. <\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a […]<\/p>\n","protected":false},"author":2,"featured_media":45637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[46582,46587,46589,46583,4252,46588,10161,1289,46590,28822,674,16455,8064,563,10160,46584,46586,736,30083,46581,17781,46585],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/45636"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=45636"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/45636\/revisions"}],"predecessor-version":[{"id":45638,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/45636\/revisions\/45638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/45637"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=45636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=45636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=45636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}