Under the plan, 98% of FTX creditors will get at least 118% of their claims back — the remainder will receive all of their claims “plus billions in compensation,” says FTX.
FTX wants to give 98% of its creditors at least 118% of their allowed claims, while the rest will get fully repaid plus “billions in compensation for the time value of their investments.”
In a May 7 statement, the bankrupt crypto exchange said the plan was "subject to being finalized and approved” by a Delaware Bankruptcy Court.
“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,” said FTX CEO and chief restructuring officer John J. Ray III.
