United

Strong

Gains

<ul>
 <li>Over 95% of FTX creditors back the reorganization plan, representing 99% of claims by value.</li>  
 <li>FTX's reorganization plan aims to repay 100% of non-governmental bankruptcy claims plus interest.</li>  
 <li>The October 7, 2024, hearing will finalize the plan as FTX faces legal challenges, including a $12.7 billion settlement.</li> 
</ul>  
<p>FTX and its associated debtors have <a href="https://www.prnewswire.com/news-releases/ftx-announces-overwhelming-support-from-creditors-for-plan-of-reorganization-302227961.html?tc=eml_cleartime" target="_blank" rel="noopener noreferrer nofollow">expressed</a> preliminary approval of a reorganization plan submitted to the United States Bankruptcy Court for the District of Delaware. The plan has earned overwhelming support from creditors, a notable development as FTX continues its efforts to return funds to stakeholders following its collapse in November 2022.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/FTX_Official/status/1826365362998501704
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-widespread-creditor-approval-signals-broad-consensus"><strong>Widespread Creditor Approval Signals Broad Consensus</strong></h2>  
<p>According to recent updates, more than 95% of <a href="https://cryptonewsland.com/ftxs-12-7-billion-payout-a-turning-point-for-cryptocurrency-regulation/" rel="noopener noreferrer nofollow">creditors who participated</a> in the voting process have backed the amended Plan of Reorganization. These votes represent a substantial 99% of the claims by value, indicating a broad consensus among the creditors, including those connected to FTX U.S. and Dotcom. John J. Ray III, FTX’s CEO and Chief Restructuring Officer, acknowledged the strong turnout, emphasizing that it demonstrates widespread support for the proposed reorganization strategy.</p>  
<h2 class="wp-block-heading" id="h-plan-aims-for-full-repayment"><strong>Plan Aims for Full Repayment</strong></h2>  
<p>Central to the Plan of Reorganization is its provision to repay 100% of the <a href="https://cryptonewsland.com/ftx-navigates-24-billion-irs-claim-settles-for-885-million-amid-bankruptcy/" rel="noopener noreferrer nofollow">amounts of bankruptcy claims</a>, including interest, to non-governmental creditors. The plan also seeks to address various legal disputes with governmental and private entities, aiming to expedite the repayment process while avoiding protracted and costly legal battles.&nbsp;</p>  
<p>FTX anticipates collecting, converting to cash, and distributing between $14.5 billion and $16.3 billion in assets, including those managed by the Joint Official Liquidators of FTX Digital Markets Ltd and the Securities Commission of The Bahamas.</p>  
<h2 class="wp-block-heading" id="h-october-confirmation-hearing"><strong>October Confirmation Hearing </strong></h2>  
<p>The confirmation hearing for the reorganization plan is scheduled to begin on October 7, 2024, where final vote counts will be announced. Meanwhile, FTX continues to handle <a href="https://cryptonewsland.com/former-ftx-exec-sentenced-to-7-5-years-in-prison/" rel="noopener noreferrer nofollow">various legal challenges</a>, including lawsuits against former executives, such as the former CEO, Sam Bankman-Fried, who is currently serving a 25-year prison sentence and has been ordered to pay an $11 billion fine for financial fraud. Additionally, FTX and its affiliate, Alameda Research, have reached a settlement with the CFTC, requiring a repayment of $12.7 billion to creditors.</p> 
<p>The post <a href="https://cryptonewsland.com/ftx-reorganization-plan-gains-strong-support/" rel="noopener noreferrer nofollow">FTX Reorganization Plan Gains Strong Support Ahead of October Confirmation Hearing</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

FTX Reorganization Plan Gains Strong Support Ahead of October Confirmation Hearing

Table of Contents

Crypto News Land

Autres articles publiés le 22 août 2024

Miami Heat’s Jimmy Butler and Crypto Influencer Ben Armstrong to Pay $340K in Binance Settlement

ETHA Ethereum ETF is First To Cross $1 Billion in Net Flows

Bitcoin Hits $61K After Weeks of Instability – What Does It Mean for Crypto ICOs

Will Chainlink’s CCIP Become a Web3 Standard? Insights and Charts Reveal Possible Timelines

BRETT Investor Cashes Out $1.71M After Binance Listing

Bitcoin (BTC) Price Holds Strong at Key Level for Six Months: What’s Next?

Join our free newsletter for daily crypto updates!