The claim is not far away! FTX: Bankruptcy plan receives overwhelming support from creditors

According to a press release released by the bankrupt exchange FTX, the creditor voting results show that the restructuring plan previously submitted to the Delaware District Court in the United States has received overwhelming support from the majority of creditors. The informal voting report shows that over 95% of the voting creditors support the plan, representing 99% of the total value of voted creditors. More than two-thirds of all solicited claims participated in the debtor's solicitation process based on their voting value. Based on this result, it is expected that the plan will exceed the acceptance threshold required by bankruptcy law.

More than 95% of the creditors who submitted their votes support the plan, which represents 99% of the voted creditors by value. More than two-thirds of all creditors who were consulted participated in the debtor's consultation process with voting value. With these results, it is expected that the plan will exceed the acceptance threshold set by bankruptcy laws.

John Ray, CEO and Head of Restructuring at FTX, stated:

The strong voting participation and corresponding results highlight the strong support and consensus for the FTX restructuring plan. It is worth noting that the innovative structure of the plan provides non-governmental creditors with a 100% refund of bankruptcy claims plus interest, and resolves complex disputes with dozens of government and private stakeholders. We appreciate the cooperation with our stakeholders and creditors so far, and will continue to work constructively with creditors and courts in the coming weeks until confirmation hearings. We are pleased to be distributing cash to clients and completing Chapter 11 bankruptcy proceedings soon

FTX will submit the final voting results to the Delaware District Court in the United States before the confirmation hearing. The hearing is scheduled to begin on October 7, 2024.