Court Approves FTX’s Reorganization Plan

FTX has successfully obtained approval from the United States Bankruptcy Court for the District of Delaware for its Plan of Reorganization after filing for bankruptcy less than two years ago.

According to the Plan, 98% of FTX’s creditors will receive approximately 119% of their claims within 60 days of the Plan’s effective date, subject to certain requirements.

The total value of property collected and available for distribution is estimated to be between $14.7 billion and $16.5 billion.

This includes assets controlled by FTX’s chapter 11 Debtors, as well as those under the control of other entities such as the Joint Official Liquidators of FTX Digital Markets, Ltd. (Bahamas), the Administrators of FTX Australia, the United States Department of Justice, and other private parties.

The Debtors will announce the Plan’s effective date and first distribution date separately in the future.