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News

FTX Reorganization Plan Backed By Over 94% Of Dotcom Creditors

October 1, 2024 - Around 2 mins mins to read

Key points:

  • According to a Monday filing, about 94.48% of creditors in the “dotcom customer entitlement claims” class who returned ballots voted in favor of the plan.
  • The reorganization plan’s confirmation hearing is scheduled for Oct. 7.
Over 94% of FTX Dotcom creditors voted in favor of the FTX Reorganization Plan, with a confirmation hearing set for Oct. 7. U.S. creditors also showed strong support.
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FTX Reorganization Plan Receives Strong Creditor Support

The reorganization plan of FTX was supported by more than 94% of Dotcom creditors representing claims of $6.83 billion, while U.S. creditors also supported it at 89%.

The confirmation hearing for the FTX Reorganization Plan will be on October 7th and is a significant milestone toward moving the bankruptcy claims to a conclusion for the benefit of 98% of creditors.

Read more: FTX Repayment Plan Changes Leave Creditors Feeling Scammed Twice

FTX Dotcom Creditors Show Overwhelming Support for Plan

With over 94% of Dotcom creditors voting for the proposal, FTX’s reorganization plan now goes ahead with a cash settlement against the value of the claim at bankruptcy.

It is expected that in the restructuring terms, creditors would get up to 118% of the value of their claim. Almost all classes of creditors favored the FTX Reorganization Plan.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Creditors

Dotcom Creditors

FTX

FTX Reorganization Plan

Author

William

In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.