Former cryptocurrency exchange FTX has secured court approval for its bankruptcy plan, potentially setting aside more than $16 billion to pay creditors.
“The United States Bankruptcy Court for the District of Delaware has confirmed FTX’s Plan of Reorganization, less than two years after its historic bankruptcy filing,” the company said in an Oct. 7 statement. “Under the terms of the Plan, 98 percent of the creditors of FTX by number will receive approximately 119 percent of the amount of their allowed claims.”
The payments will be made within 60 days of the reorganization plan becoming effective.
FTX expects the total value of property collected, converted to cash, and available for distribution to be in the range of $14.7 billion to 16.5 billion….