FTX unveils latest proposal to return billions to customers and creditors
FTX has announced its latest proposal to return billions of dollars to its clients and creditors, thus opening up the potential for the final round of debate on how best to end the bankruptcy case of this fraud-affected cryptocurrency company. The restructuring plan leaves some of the most important questions unanswered, including whether FTX will restart its closed cryptocurrency exchange, how the company will estimate the value of some digital tokens, and how much creditors can expect to recover.
Next year, the plan will be submitted to creditors for a vote, which may add some key details, and then handed over to US bankruptcy judge John Dorsey for final approval. The main creditor and client groups involved in the Chapter 11 bankruptcy have agreed to the general framework of the plan. The payment plan requires the distribution of billions of dollars in cash after most of the company's cryptocurrencies are liquidated.
Previously, news broke that FTX's new restructuring plan could result in millions of dollars in losses for creditors.
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