FTX reboot still in the works, creditors could get equity Cryptocurrencies
FTX’s new management filed a number of documents with the Delaware bankruptcy court on July 31. Among them was a draft reorganization plan that lists “a restart of an offshore exchange” among the possibilities.
The proposed global settlement intends to value all claims in U.S. dollars, regardless of whether the assets were held on the FTX.com or FTX US platforms. The valuations would be based on a methodology prepared by FTX which has not yet received the approival of the bakruptcy court. The filings also recognize a special category of “shortfall” claims by FTX.com and FTX US against the third pool of assets, which are intended to compensate creditors for the alleged misappropriation of assets by former CEO Sam Bankman-Fried and his inner circle.
The plan concludes with a secion outlining the company’s intention to ultimately liquidate the estates of FTX and pay distributions to customers and creditors in U.S. dollars. On April 18, reports emerged that venture capital firm Tribe Capital, which invested in FTX.com prior to its collapse, was considering rebooting the bankrupt crypto exchange.
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