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Headline : FTX Files Amended Reorganization Plan, Assures Full Reimbursement

Read more from the original article on here at ng.investing.com.





Tags : #ftx #files #amended #reorganization #plan #assures #full #reimbursement


No. of Paragraph 9

The bankrupt crypto exchange FTX recently filed their anticipated Reorganization Plan in the United States Bankruptcy Court for the District Court of Delaware. The firm has planned the “centralized distribution” to affected customers across the world, if the court approves.

According to a press release, the firm anticipates that the total amount available for distribution is between $14.5 and $16.3 billion. The anticipated figure is mostly based on the monetization of assets related to FTX’s sister firm Alameda Research.

While the platform plans to fully replay creditor claims, FTX also proposes to provide compensation for its customers. Reportedly, within 60 days of effectiveness, 98% of FTX creditors who hold claims below $50,000, are poised to receive a minimum of 118% of allowed claims in cash. The reorganization plan assured that all FTX customers will receive the amount they lost in 2022 when the exchange collapsed.

FTX CEO John J. Ray III shared his gratitude to the government agencies, officials and customers who supported the firm throughout the platform’s journey. He stated,

Read more from the original article on here at ng.investing.com.


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