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FTX Dotcom Creditors Vote Massively in Favor of Reorganizing Plan
The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value.
Updated Oct 1, 2024, 6:38 p.m. Published Oct 1, 2024, 8:56 a.m.
- Over 94% of so-called FTX Dotcom customers voted to accept the reorganization plan.
- Nearly all creditor classes voted in favor of the plan.
- Two creditor classes did not return ballots and were presumed to accept.
A plan to reorganize bankrupt crypto exchange stalwart FTX has gained support from 94% of creditors who were clients of the FTX.com offshore exchange, the so-called Dotcom creditors, results of a vote from restructuring agent Kroll show.
The plan promises to return 118% of claims in cash to most creditors, who represent about $6.83 billion in claims by value. Two classes of creditors did not return ballots and are presumed to accept the plan, Kroll said.
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With creditor approval secured, the next step is for the bankruptcy court to confirm the reorganization plan. A hearing is set for Oct. 7. Potential challenges remain, however, including possible objections from the U.S. Securities and Exchange Commission regarding the use of stablecoins for repayments, as previously reported.
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