FTX's Reorganization Plan: Crypto Creditors Face Potential Losses
The estate of FTX, the collapsed crypto enterprise, has submitted a reorganization plan to a Delaware court to end bankruptcy. The plan classifies creditor and customer claims based on priority and calculates claim values using asset prices at the time of the company's bankruptcy filing. The proposal aims to maximize value distribution to all creditors but is expected to face opposition until approved by the court, with a hearing date set for 2024.