FTX Reorganization Plan Backed By Over 94% Of Dotcom Creditors

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.

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.