FTX will pay out 118% to 98% of its creditors

According to new documents filed Tuesday evening, bankrupt cryptocurrency exchange FTX submitted a new reorganization plan under which 98% of its creditors will receive 118% of their claims in cash after 60 days of court approval.

John J. Ray III, CEO and Chief Restructuring Officer of FTX said “We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,”. “I want to thank all the customers and creditors of FTX for their patience throughout this process,” He added.

The plan filed 17 months after FTX's Chapter 11 bankruptcy in Delaware, seeks to divide nearly all of FTX's assets at the time of its collapse in November 2022. FTX suspects that the overall amount of recovered and liquidated assets available for distribution is between $14.5 billion and $16.3 billion.

Install the WikiFX app or visit its website to get the latest news about the forex industry.