{"id":111636,"date":"2024-10-08T03:22:05","date_gmt":"2024-10-07T20:22:05","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=111636"},"modified":"2024-10-08T03:22:05","modified_gmt":"2024-10-07T20:22:05","slug":"ftx-receives-u-s-bankruptcy-court-confirmation-of-its-plan-of-reorganization","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=111636","title":{"rendered":"FTX Receives U.S. Bankruptcy Court Confirmation of its Plan of Reorganization"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">WILMINGTON, Del<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Oct. 7, 2024<\/span><\/span> \/PRNewswire\/ &#8212; FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (&#8220;FTX&#8221; or the &#8220;Debtors&#8221;) today announced that the United States Bankruptcy Court for the District of <span class=\"xn-location\">Delaware<\/span> (the &#8220;Bankruptcy Court&#8221; or the &#8220;Court&#8221;) has confirmed FTX&#8217;s Plan of Reorganization (the &#8220;Plan&#8221;), less than two years after its historic bankruptcy filing.<\/p>\n<p>Under the terms of the Plan, 98% of the creditors of FTX by number will receive approximately 119% of the amount of their allowed claims within 60 days after the effective date of the Plan, subject to know-your-customer and other distribution requirements. FTX projects that the total value of property collected, converted to cash and available for distribution will be between <span class=\"xn-money\">$14.7 billion<\/span> and <span class=\"xn-money\">$16.5 billion<\/span>. This amount includes assets under the control of the chapter 11 Debtors as well as assets under the control of the Joint Official Liquidators of FTX Digital Markets, Ltd. (<span class=\"xn-location\">Bahamas<\/span>), the Administrators of FTX Australia, the United States Department of Justice and dozens of private parties that have cooperated in the recovery efforts. The Debtors will separately announce in due course the Plan&#8217;s effective date and estimated first distribution date.<\/p>\n<p><span class=\"xn-person\">John J. Ray III<\/span>, Chief Executive Officer and Chief Restructuring Officer of FTX, said: &#8220;The Court&#8217;s\u00a0confirmation of our\u00a0Plan\u00a0is a significant milestone on our pathway to\u00a0distributing cash to customers\u00a0and creditors.\u00a0Today&#8217;s achievement is only possible\u00a0because of the\u00a0experience and tireless\u00a0work\u00a0of\u00a0the team of professionals\u00a0supporting\u00a0this case,\u00a0who\u00a0have\u00a0recovered\u00a0billions of dollars by\u00a0rebuilding\u00a0FTX&#8217;s books from the ground\u00a0up\u00a0and from there marshaling\u00a0assets from around the globe.\u00a0It\u00a0also reflects\u00a0the\u00a0strong\u00a0collaboration\u00a0we\u00a0have\u00a0had with\u00a0governments and\u00a0agencies from around the world that share our goal of mitigating the wrongdoings of\u00a0the\u00a0FTX\u00a0insiders.&#8221;\u00a0<\/p>\n<p>Mr. Ray\u00a0added: &#8220;Looking ahead,\u00a0we\u00a0are poised to\u00a0return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the\u00a0largest and most complex bankruptcy estate\u00a0asset distribution\u00a0in history. The estate is working to finalize arrangements to make distributions to creditors across more than 200 jurisdictions around the world. In preparation for this process, we are\u00a0finalizing agreements to retain\u00a0specialized agents\u00a0to assist us in getting recoveries to customers around the world as safely and expeditiously as possible.\u00a0I want to thank\u00a0all customers and creditors of FTX for their patience throughout this process.&#8221;<\/p>\n<p>Bankruptcy Court filings, including the Plan, and other documents related to the Court proceedings are available at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4271907-1&amp;h=1171304724&amp;u=https%3A%2F%2Fcases.ra.kroll.com%2FFTX%2F&amp;a=https%3A%2F%2Fcases.ra.kroll.com%2FFTX%2F\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/cases.ra.kroll.com\/FTX\/<\/a>.<\/p>\n<p><b>Advisors<\/b><\/p>\n<p>The FTX Debtors are represented by Sullivan &amp; Cromwell LLP as legal counsel and are assisted by Alvarez &amp; <span class=\"xn-person\">Marsal North America<\/span>, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, <span class=\"xn-person\">Quinn Emanuel Urquhart<\/span> &amp; Sullivan, LLP as special counsel and <span class=\"xn-person\">Landis Rath<\/span> &amp; Cobb LLP as <span class=\"xn-location\">Delaware<\/span> counsel.<\/p>\n<p>SOURCE FTX<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY24498&amp;Transmission_Id=202410071530PR_NEWS_USPR_____NY24498&amp;DateId=20241007\" style=\"border:0px; width:1px; height:1px;\"\/>\n<link rel=\"stylesheet\" href=\"https:\/\/www.prnewswire.com\/etc.clientlibs\/prncom\/components\/content\/prnWidgetButton\/clientlib.min.css\" type=\"text\/css\"\/>\n<div class=\"newsFeaturedSection \">\n<div class=\"newsFeaturedWrap\">\n<p><h2>WANT YOUR COMPANY&#8217;S NEWS <span>FEATURED ON PRNEWSWIRE.COM?<\/span><\/h2>\n<\/p>\n<div class=\"newFeaturedIcon\">\n<div class=\"featuredIcon-col\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon3.png\" alt=\"icon3\"\/>\n<\/div>\n<p>\n440k+<br \/>Newsrooms\u00a0&amp;<br \/>Influencers\n<\/p>\n<\/div>\n<div class=\"featuredIcon-col\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon1.png\" alt=\"icon1\"\/>\n<\/div>\n<p>\n9k+<br \/>Digital\u00a0Media<br \/>Outlets\n<\/p>\n<\/div>\n<div class=\"featuredIcon-col\">\n<div class=\"icon-bg\">\n<img decoding=\"async\" src=\"https:\/\/www.prnewswire.com\/content\/dam\/newsfeatured\/icon2.png\" alt=\"icon2\"\/>\n<\/div>\n<p>\n270k+<br \/>Journalists<br \/>Opted In\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-receives-us-bankruptcy-court-confirmation-of-its-plan-of-reorganization-302269152.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WILMINGTON, Del, Oct. 7, 2024 \/PRNewswire\/ &#8212; FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (&#8220;FTX&#8221; or the &#8220;Debtors&#8221;) today announced that the United States Bankruptcy Court for the &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=111636\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-111636","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/111636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=111636"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/111636\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=111636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=111636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=111636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}