FTX progress reports, court filings

FTX Plans 118% Repayment Plus Interest to 98% of Creditors, Pending Court Approval

May 8, 2024, 05:57 AM

FTX, the cryptocurrency exchange that collapsed in November 2022, has announced a significant recovery plan for its creditors. According to the company's amended reorganization plan filed in a US bankruptcy court, FTX has collected between $14.5 billion and $16.3 billion in assets, now converted to cash and available for distribution. This amount significantly exceeds the approximately $11 billion owed to customers and other non-governmental creditors. As a result, 98% of FTX's creditors are set to receive at least 118% of their allowed claims in cash within 60 days of court approval, along with interest payments up to 9%. Additionally, the plan includes billions in compensation beyond the initial claims, pending court approval.