FTX 2.0 Plans for Creditor Repayment in Complete Cash
FTX 2.0 is planning to amend this plan based on feedback from stakeholders. Thus, it proposes valuing customer claims in USD as of the date of bankruptcy. As per the court papers, the restructuring plan involves FTX 2.0 repaying the creditors by attaching assets tied to different verticals of the business. Furthermore, the filing shows that FTX 2.0 still hasn’t ruled out the rebooting of its offshore exchanges. advertisement Three recovery pools will be used to guide creditor repayments. These pools include assets from FTX.com customers, FTX US customers, and assets not directly connected to the exchanges. The company considers most proposed creditor classes impaired, indicating that it does not expect to fully compensate them. FTX 2.0 Suggests No Recovery of FTT Tokens The restructuring plan for FTX 2.0 calls for no recovery of the FTT tokens citing their “equity-like characteristics”. The US bankruptcy reorganization plan usually wipes...