Token

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<ul class="wp-block-list">
 <li>Over 94% of Dotcom creditors support FTX’s reorganization plan.</li>
 <li>A confirmation hearing is scheduled for October 7, 2024, to finalize the reorganization.</li>
</ul>
FTX’s reorganization plan has gained overwhelming support, with a significant majority of Dotcom voting creditors approving it. According to the final <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzIxNDIwMw==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow">report</a> released by the Kroll Restructuring Administration, 94.48% of creditors who returned their ballots voted in favor of the proposal.
This support marks a crucial step toward resolving FTX’s bankruptcy. Moreover, it facilitates the redistribution of assets back to creditors. Estimates suggest that the recovery and distribution of assets will amount to between $14.5 billion and $16.3 billion. This figure covers various entities involved in the bankruptcy proceedings, including FTX Digital Markets.
The reorganization<a href="https://www.prnewswire.com/news-releases/ftx-announces-overwhelming-support-from-creditors-for-plan-of-reorganization-302227961.html" target="_blank" rel="noopener noreferrer nofollow"> pl</a>an also includes specific provisions for U.S.-based creditors. Notably, 89% of these creditors support the proposal. These creditors can expect to receive up to 118% of their claims, which provides a substantial return on their losses. Additionally, the plan outlines a repayment structure that includes interest payments of up to 9% for major creditors. These payments will be calculated from the start of Chapter 11 proceedings until distributions are complete.
<h3 class="wp-block-heading" id="h-ftx-s-reorganization-creditor-support-and-legal-hurdles">FTX’s Reorganization: Creditor Support and Legal Hurdles</h3>
The final confirmation hearing is scheduled for October 7, 2024. This hearing will be pivotal in finalizing the reorganization. If approved, the plan will allow creditors to begin <a href="https://thenewscrypto.com/is-dogecoin-doge-poised-for-a-breakout-as-uptober-nears/" target="_blank" rel="noopener noreferrer nofollow">recovering </a>their assets. While the process moves forward, FTX continues to face legal challenges. Ongoing litigation involves its former executives, including Sam Bankman-Fried. His involvement in the company’s collapse has led to criminal charges and other legal hurdles.
This overwhelming support reflects a positive outlook among creditors. The reorganization plan offers a clear path toward asset recovery. FTX’s management remains optimistic about the plan’s <a href="https://thenewscrypto.com/ripple-obtained-in-principle-approval-from-dfsa-to-expand-operations-in-uae/" target="_blank" rel="noopener noreferrer nofollow">approval</a> at the upcoming hearing. Overall, the plan is expected to restore confidence in the process. It also provides much-needed clarity for those affected by the bankruptcy. With such strong approval ratings, this restructuring could become a turning point in resolving one of the largest crypto bankruptcies in history. Highlighted Crypto News Today| <a href="https://thenewscrypto.com/is-crypto-market-ready-for-these-uptober-token-unlocks/" target="_blank" rel="noopener noreferrer nofollow">Is Crypto Market Ready for These Uptober Token Unlocks?</a>

FTX Secures Strong Creditor Support Ahead of Crucial Hearing

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