FTX restructuring plan sparks controversy in court, creditors are about to vote
2024-06-25 22:53:51
Ftx bankruptcy heavy group plan delaware bankruptcy court sparked heated debatedesk3cryptocurrencydesktopCrypto News
FTX's bankruptcy reorganization plan has sparked a heated debate in Delaware bankruptcy court. FTX attorneys and creditors debated the disclosure statement at Tuesday's hearing. The statement gives creditors information to help them decide whether to accept the reorganization plan. FTX plans to pay at least 118 percent of its claims to 98 percent of its creditors, but some want to pay in cryptocurrency rather than cash. Judge John Dorsey needs to approve the plan. Creditors will then vote on it, and confirmation hearings will be held later this year. The next hearings are scheduled for July 17 and August 15.
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