FTX Creditors Overwhelmingly Approve Bankruptcy Plan
CryptoNewsTerminal Staff22 Aug, 2024
FTX Creditors Overwhelmingly Approve Bankruptcy Plan
"95% of the creditor groups that voted on the FTX.com and FTX US Chapter 11 plans have voted in favor of the plans," according to a press release from PR Newswire. FTX had previously filed a revised bankruptcy plan with the court that would see nearly all of its assets distributed in cash to customers and other creditors worldwide. The results of the vote will now be presented to the bankruptcy court for approval at a later date. "The results of this vote are a testament to the strength of the plan we have proposed to maximize recoveries for creditors and resolve the complex legal disputes among the various government agencies and other stakeholders," said John Ray III, CEO of FTX. The approval of the bankruptcy plan by creditors is a significant step in the ongoing FTX bankruptcy proceedings. If the plan is approved by the court, it will provide a roadmap for the distribution of FTX's remaining assets and the resolution of outstanding legal claims.
