FTX has announced that it has reached an agreement with key creditors to resolve the lawsuit against debtors and approve a modified payment plan for the second quarter of the upcoming year. With this agreement, it is anticipated that $8.9 billion will be paid for FTX.com and $166 million for FTX.US in the second quarter of 2024.
More Than 90% of Assets Can Be Returned
While victims of FTX and FTX.US expect to receive more than 90% of their assets back by the end of the second quarter of 2024 if this agreement is approved, FTX debtors argue that full payments will not be made to customers on both exchanges, and FTX.com will likely make a lower percentage payment compared to FTX.US.
“Starting from one of the most challenging financial disasters I’ve ever seen, debtors and their creditors have created immense value out of a situation that could have turned almost entirely detrimental for customers.”FTX Debtors’ Executive Chairman and Restructuring President
Payment Plan Details
Additionally, according to the newly proposed plan, requests from customers wishing to withdraw over $250,000 can be automatically reduced by up to 15% of the requested amount. However, it was announced that there would be no reduction in repayment for withdrawal requests under $250,000.
“The committee will continue to protect the interests of customers and creditors.”Official Committee of Unsecured Creditors for FTX