FTX announces the latest proposal to return billions of dollars to creditors, but does not mention important issues such as whether FTX will restart
According to Bloomberg, FTX Trading Ltd. has announced a new proposal to return billions of dollars to its customers and creditors, sparking the final round of potential disputes on how best to conclude the bankruptcy case of this fraud-affected crypto company. The restructuring plan leaves some crucial questions unresolved, including whether FTX will restart its closed cryptocurrency exchange, how the company will estimate the value of some digital tokens, and what creditors can expect to recover.
Next year, the plan will be submitted for voting by creditors and may add some key details before being handed over for final approval by U.S. Bankruptcy Judge John Dorsey. Major creditor groups and customer groups involved in Chapter 11 bankruptcy have agreed on a general framework for this payment plan which calls for distributing billions in cash after most of the company's cryptocurrencies are liquidated.
Earlier today news came out that FTX's new restructuring plan could result in losses amounting millions of dollars for creditors.
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