Coin

<ul class="news-points wp-block-list">
 <li>Over 94% of Dotcom voting creditors support FTX’s reorganization plan.</li>
 <li>Approximately 98% of creditors are expected to receive at least 118% of their claim value in cash.</li>
 <li>A confirmation hearing for the plan is scheduled for October 7.</li>
</ul>
The beleaguered FTX cryptocurrency exchange has received significant backing for its proposed reorganization plan. Kroll Restructuring Administration, the restructuring administrator, reported that over 94% of Dotcom voting creditors expressed their support.&nbsp;
The results were disclosed in a <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzIxNDIwMw==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow">filing</a> on Monday. It reflects a strong consensus among various classes of creditors, paving the way for potential recovery amid the ongoing bankruptcy proceedings.
The filing states that 94.48% of creditors in the “dotcom customer entitlement claims” class, representing approximately $6.83 billion in claims, support the plan. This demonstrates strong backing from customers who experienced significant losses since the exchange’s collapse in Q4 2022.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdNqyvEDc-hzLS_aLM--O0yMnm68ASyh2I-z9_TqS2zdLCiZe9G8H2wm3KVwAvWbq6ucUD2s4NuNkuhb50R91rQwmIBHDCdGZVXdjzmbuD0AcAroiaWlWEhFmG0ZcCpqSaKjuXMPfBaWuKKaPsB1YfDNuW6?key=a0znkVZzStUUS_CWsDitIg" alt="">
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Additionally, around 89.1% of creditors in the “U.S. customer entitlement claims” class, totaling about $60.99 million in claims, also voted affirmatively. The “dotcom convenienc…
The post <a href="https://coinedition.com/ftxs-reorganization-plan-secures-support-from-over-94-of-dotcom-creditors/" rel="noopener noreferrer nofollow">FTX’s Reorganization Plan Secures Support from Over 94% of Dotcom Creditors</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

FTX’s Reorganization Plan Secures Support from Over 94% of Dotcom Creditors

Coin Edition

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