FTX plans full pay back all creditors ‘plus billions in compensation’

United States News News

FTX plans full pay back all creditors ‘plus billions in compensation’
United States Latest News,United States Headlines
  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

FTX proposed an up to 118% recovery to a majority of its creditors, subject to court approval.

FTX wants to give 98% of its creditors at least 118% of their allowed claims, while the rest will get fully repaid plus “billions in compensation for the time value of their investments.”, the bankrupt crypto exchange said the plan was"subject to being finalized and approved” by a Delaware Bankruptcy Court.

“We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” said FTX CEO and chief restructuring officer John J. Ray III. It's an about turn from FTX's former plan which saw creditors reimbursed for the value of their assets at the time of FTX's bankruptcy in November 2022.FTX estimated the total value of property collected, converted into cash to be distributed to creditors will range between $14.5 and $16.3 billion.

Only creditors holding claims in an allowed amount below $50,000 will be eligible for the 118% recovery, should it be approved by the bankruptcy court.This is a developing story, and further information will be added as it becomes available.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Cointelegraph /  🏆 562. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Knicks advance to the Eastern Conference semis, topping 76ers 118-115 in Game 6Knicks advance to the Eastern Conference semis, topping 76ers 118-115 in Game 6Hart raised his arms and extended three fingers on each hand on his go-ahead 3-pointer with 24.4 seconds left that was finally enough to help send the New
Read more »

Knicks avanzan a semifinales del Este; tras superar 118-115 a 76ersKnicks avanzan a semifinales del Este; tras superar 118-115 a 76ersJosh Hart acertó un triple que significó la ventaja a 24,4 segundos del final, y los Knicks de Nueva York superaron el jueves 118-115 a los 76ers de Filadelfia, con lo cual se instalaron en la segunda ronda de los playoffs.
Read more »

Knicks advance to Eastern Conference semifinals with 118-115 Game 6 win over 76ersKnicks advance to Eastern Conference semifinals with 118-115 Game 6 win over 76ersJosh Hart raised his arms and extended three fingers on each hand on his go-ahead 3-pointer from the top of the arc with 24.4 seconds left that was finally enough to send the New York Knicks past the Philadelphia 76ers 118-115 in Game 6 on Thursday night and into the second round of the playoffs.
Read more »

Celtics advance to East semifinals, beating short-handed Heat 118-84 in Game 5Celtics advance to East semifinals, beating short-handed Heat 118-84 in Game 5Jaylen Brown and Derrick White each scored 25 points to help the Boston Celtics advance to the Eastern Conference semifinals, beating the short-handed Miami Heat 118-84 in Game 5 on Wednesday night. Boston will face the winner of the Cleveland-Orlando series.
Read more »

Celtics beat short-handed Heat 118-84, advance to East semifinalsCeltics beat short-handed Heat 118-84, advance to East semifinalsBOSTON (AP) — Jaylen Brown and Derrick White each scored 25 points and the Boston Celtics advanced to the Eastern Conference semifinals, beating the short-handed Miami Heat 118-84 in Game 5 on Wednesday night.
Read more »

Celtics thump shorthanded Heat 118-84, advance to Eastern Conference SemifinalsCeltics thump shorthanded Heat 118-84, advance to Eastern Conference SemifinalsJaylen Brown and Derrick White each scored 25 points and the Boston Celtics advanced to the Eastern Conference semifinals, beating the short-handed Miami Heat 118-84 in Game 5 on Wednesday night.
Read more »



Render Time: 2025-02-15 18:42:28