FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution
FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.
FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisit The amount for distribution includes assets under the control of the chapter 11 debtors, as well as those controlled by liquidators of FTX Bahamas Digital Markets, Bahamas Securities Commission, liquidators of FTX's Australia unit, the United States Department of Justice (DOJ) and several private parties, the statement added.
The company said the amended plan focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval.
The plan put forward by FTX creates a «convenience class» for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court.
«We are pleased to be in a position to propose a chapter 11 plan that
