FTX plans to give 98% of its creditors at least 118% of allowed claims, the bankrupt exchange said in its reorganization plan released Tuesday. Other creditors will receive full repayment and billions more in compensation for the time value of their investments, the company said.
The latest reorganization plan aims for a “centralized distribution” for FTX customers and creditors affected by the company’s collapse in 2022, regardless of where their assets were situated. FTX estimated the total value of cash available for distribution to be between $14.5 billion and $16.3 billion, while the plan has yet to be finalized and approved by the U.S. Bankruptcy Court.
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