FTX has secured crucial backing from its creditors for its proposed reorganization plan, bringing it a step closer to final approval. The plan, outlining how assets will be distributed and claims resolved, has garnered support from over 95% of voting creditors.
Creditor Support
FTX and its affiliated debtors revealed that over 95% of participating creditors voted in favor of the reorganization plan. These votes account for 99% of the claims by value, demonstrating widespread agreement among creditors, including those tied to FTX U.S. and FTX Dotcom.
Distribution Plan
The reorganization plan estimates to distribute between $14.5 billion and $16.3 billion, returning 100% plus interest to creditors. This substantial amount can help restore trust in the company.
Ex-Executive Dispute
Ex-FTX executive Ryan Salame challenges his guilty plea, citing pressure and unfulfilled agreements from prosecutors.
In conclusion, FTX has received significant backing from creditors, marking a vital step towards reorganization and potential recovery of the company.
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