London CNN —FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.
“The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.
Ray, a restructuring specialist, took over as CEO in November 2022 to shepherd what was left of the firm through bankruptcy.
“We are pleased to be in a position to propose a Chapter 11 (bankruptcy) plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” John J. Ray III, FTX CEO and chief restructuring officer, said in Tuesday’s statement.
If his plan is approved by the United States Bankruptcy Court for the District Court of Delaware, FTX expects that 98% of its creditors will receive approximately 118% of the amount of their allowed claims, FTX said.
Persons:
London CNN — FTX, ” FTX, FTX, Sam Bankman, Fried, ” John J, Ray III
Organizations:
London CNN, Alameda Research, Enron, United States
Locations:
Alameda, Delaware