TechFlow news, according to prnewswire, FTX Trading Ltd. and its affiliated debtors announced on August 21 that their revised reorganization plan submitted to the Delaware Bankruptcy Court has received overwhelming preliminary support from all voting creditor classes, including FTX U.S. and FTX Dotcom customer classes.
Unofficial voting results show that over 95% of voting creditors supported the plan, representing 99% of the value of votes cast. More than two-thirds of invited creditors, by voting value, participated in the voting process.
John J. Ray III, CEO and Chief Restructuring Officer of FTX, stated that the plan provides non-governmental creditors with a full 100% recovery of their bankruptcy claims plus interest, and resolves complex disputes with dozens of governmental and private stakeholders. The confirmation hearing is scheduled to begin on October 7, 2024, Beijing time.
Previous report, a New York judge approved FTX and Alameda's repayment of $12.7 billion to creditors.
