FTX's restructuring plan has received preliminary support from creditors

Odaily News FTX Trading Ltd. and its affiliated debtors announced that the revised reorganization plan filed with the U.S. District Court for the District of Delaware has received preliminary support from all classes of creditors entitled to vote, including the FTX US and FTX Dotcom customer classes. Unofficial voting reports indicate that more than 95% of voting creditors support the plan, representing 99% of the value of the claims voted. More than 2/3 of all solicited claims participated in the debtors’ solicitation process, by vote value. Based on these results, the plan is expected to exceed the acceptance thresholds set forth in the Bankruptcy Code. “The plan’s innovative structure provides for the return of 100% of bankruptcy claim amounts and interest to non-government creditors and resolves complex disputes with dozens of government and private stakeholders,” said John J.Ray III, CEO and Chief Restructuring Officer of FTX. “We will continue to work constructively with creditors and the court in the coming weeks leading up to the confirmation hearing.” FTX will file its final voting results with the U.S. Bankruptcy Court for the District of Delaware prior to the confirmation hearing scheduled to begin on October 7, 2024. (PR Newswire)