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After 13 months of bankruptcy, FTX files its reorganization plan to end it
“The goal of the Official Committee continues to be to maximize recoveries for unsecured creditors of FTX and expedite distributions,” the Official Committee of Unsecured Creditors said

BY
KATHERINE ROSS
/
DECEMBER 18, 2023 10:28 AM
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FTX’s debtors, the Official Committee of Unsecured Creditors and “other creditor stakeholders” agreed to a reorganization plan late last week.

The debtors filed a disclosure statement and a reorganization plan with the bankruptcy court ahead of a 2024 hearing on the plan.

FTX filed for bankruptcy on Nov. 11, 2022. The plan, not yet approved, would have claims honored at the price that they were at in November 2022, meaning that a potential claim for bitcoin would be for $17,000 — the closing price of bitcoin in November 2022 — and not $41,000, where it currently stands.

There are twenty-three claim classes in the proposed plan. The voting deadline for claims will be around a month or so before the hearing date, which has yet to be set.

“Above all else, the goal of the Official Committee continues to be to maximize recoveries for unsecured creditors of FTX and expedite distributions,” the Official Committee of Unsecured Creditors of FTX posted on X.

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