FTX’s bankruptcy administrators submitted a reorganization plan that proposes a pathway for one class of claimants to restart the bankrupt exchange.
FTX’s advisors suggested giving no recovery on account of FTT tokens due to their “equity-like characteristics.”FTX’s bankruptcy administratorsa reorganization plan on 31 July that proposes to categorize its creditors into different classes of claimants. The proposal also includes a pathway for one class of claimants to restart the exchange with third-party investors. The rebooted exchange would be available only to offshore customers.
The proposal classified the claimants into seven different groups. The first group is claimants of FTX.com offshore exchange. The second group is customers of its U.S. unit. Then, there are customers of its NFT exchange. There are general unsecured claims, secured claims, and subordinated claims too.
The plan also proposes valuing customer claims in USD as of the date FTX declared bankruptcy. Customers will be repaid by selling assets related to different silos of the venture.FTX’s advisors also recommend giving no recovery on account of FTT tokens due to the “equity-like characteristics” of such tokens.At press time, FTT was trading at $1.41.
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