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Ftx Debtors

All articles tagged with #ftx debtors

finance2 years ago

FTX's Global Settlement and Reorganization Plan Ignite Solana Rally

FTX Trading Ltd. and its affiliated debtors, FTX Debtors, have reached a global settlement with the Joint Official Liquidators (JOLs) on behalf of FTX Digital Markets Ltd. The settlement aims to maximize recoveries and reconcile claims for FTX.com customers. Under the agreement, assets will be pooled, and distributions will be coordinated to ensure substantially identical relative distributions at the same time. Customers will have the option to have their claims reconciled and paid in either the Chapter 11 cases of FTX Debtors or the liquidation proceeding for FTX Digital Markets in the Bahamas. The valuation of customer claims will be based on the petition dates, and FTT interests will be treated as equity. The settlement is subject to court approval.

via PR Newswire|
#cross-border-legal-issues#customer-claims#finance
business2 years ago

FTX Resolves Customer Property Disputes, $9B Payout Expected

FTX Trading Ltd. and its affiliated debtors, known as FTX Debtors, have announced a proposed settlement of customer property disputes in their pending chapter 11 cases. The settlement, called the Customer Shortfall Settlement, will be part of an amended Plan of Reorganization to be filed by the FTX Debtors in December 2023. If approved, the settlement would resolve customer property litigation and allow customers to receive over 90% of the distributable value worldwide. The Amended Plan also includes an offer to settle FTX.com and FTX US preferences at specified amounts. The settlement was reached after extensive negotiations among the FTX Debtors, customer representatives, and creditors.

via PR Newswire|
#amended-chapter-11-plan#asset-recovery#business
business2 years ago

FTX Debtors' Reorganization Plan Sparks FTT Price Surge

FTX Trading Ltd. and its affiliated debtors, known as FTX Debtors, have filed their initial Plan of Reorganization and related Term Sheet with the U.S. Bankruptcy Court. The plan aims to achieve a consensual agreement and emergence from bankruptcy, with an amended plan and disclosure statement expected to be filed in the fourth quarter of 2023. The filing allows for creditor feedback and discussions with stakeholders, including the unsecured creditors committee and non-U.S. customers. The plan addresses a wide range of claims and disputes involving the FTX Debtors, both internal and external.

via PR Newswire|
#bankruptcy-court#business#ftx-debtors