ChainCatcher news, according to Cointelegraph, FTX and its affiliated debtors stated in an announcement that their amended reorganization plan submitted to the U.S. Bankruptcy Court for the District of Delaware has received majority support from all classes of voting-eligible creditors, including customers of FTX US and FTX Dotcom.FTX cited an unofficial voting report indicating that over 95% of the creditors who submitted votes supported the plan. FTX also stated that it will submit the final voting results to the bankruptcy court before the confirmation hearing on October 7.

ChainCatcher news, the FTX bankruptcy reorganization plan has sparked intense debate in the Delaware bankruptcy court. FTX lawyers and creditors discussed the disclosure statement at a hearing on Tuesday. The statement provides information to creditors to help them decide whether to accept the reorganization plan. FTX plans to pay at least 118% of the claims amount to 98% of the creditors, but some creditors prefer to be paid in cryptocurrency rather than cash.Judge John Dorsey needs to approve the plan, after which creditors will vote to confirm; the hearing is scheduled to take place later this year. The next hearings are set for July 17 and August 15.

ChainCatcher news, the official committee of unsecured creditors of FTX stated on social media that it is continuing to evaluate the revised restructuring plan submitted by the FTX debtors and the accompanying disclosure statement, with the deadline for objections to the disclosure statement set for June 5, 2024.The committee believes that maximizing the recovery rate for creditors and shortening the time required for recovery is crucial.

ChainCatcher news, the official account of FTX creditors stated on social media that, after extensive discussions with the special committee for non-US customers, the unsecured creditors committee, and the plaintiffs in the class action lawsuit, a settlement has been reached regarding the customer property dispute: if approved by the bankruptcy court, the settlement agreement will create a special deficiency claim to benefit customers. As proposed by the FTX debtors in July, it will also facilitate making offers to eligible customers for the agreed amounts. All relevant creditor representatives have agreed to support the related amended reorganization plan to be submitted on December 16, 2023.

ChainCatcher news, according to Bloomberg, FTX's management has criticized the actions of traders and market makers within the unsecured creditor group, accusing them of seeking to control assets without regard for the impact on other stakeholders.The official committee of FTX unsecured creditors has called for FTX to invest a portion of its nearly $2.6 billion cash reserve in short-term government bonds to generate more net income for the bankruptcy estate. The committee stated that FTX is missing out on better returns from its substantial cash and token holdings.

ChainCatcher news, FTX's current CEO John J.Ray III recently stated that the team submitted a reorganization plan early in the bankruptcy proceedings to obtain feedback from creditors. FTX hopes to collaborate with creditors to modify the plan in the third quarter of 2023 and submit a disclosure statement in the fourth quarter.The proposed FTX reorganization plan indicates that, in addition to establishing an "offshore exchange company," FTX is also considering setting up a new trust called "FTX Ventures Trust." This trust will hold FTX's investments in private startups as well as digital tokens that FTX does not plan to sell immediately after exiting bankruptcy.The purpose of the trust is to manage these long-term investments and distribute cash from them over time. FTX has not yet decided whether the trust will be owned by FTX's bankruptcy estate or traded separately after bankruptcy. Its goal is to find a way to maximize the value of these illiquid investments, which are not easily sold by FTX's management after bankruptcy.Yesterday's news, FTX has submitted a reorganization plan that includes restarting the offshore exchange; the FTX creditors' committee will soon begin negotiations with the debtors on the business aspects of the reorganization plan.

ChainCatcher news, according to a court document cited by Bloomberg, Bahamian court officials no longer oppose transferring part of the FTX restructuring case to the Delaware court in the United States, and the liquidators reserve the right to oppose any actions taken by FTX executives in the Delaware case.Previously reported, the liquidators of FTX's Bahamian subsidiary FTX Digital Markets have requested a New York City court to recognize their bankruptcy in the Bahamas, stating that they "refuse to acknowledge" the validity of the cryptocurrency exchange's bankruptcy proceedings in the United States. (Bloomberg)