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BlockNews
Home CRYPTO

FTX Unveils Bold Plan to Repay Creditors Fully Plus Interest

Gary Ponce by Gary Ponce
May 8, 2024
in CRYPTO
Reading Time: 2 mins read
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  • FTX plans to pay back 98% of creditors up to 118% of their allowed claims, subject to court approval
  • The remaining creditors will receive 100% of their claims plus billions in compensation for the time value of their investments
  • The total value of property collected and converted into cash to be distributed to creditors is estimated between $14.5 billion and $16.3 billion

FTX aims to repay 98% of creditors up to 118% of their allowed claims, while the remaining 2% would be fully repaid plus receive billions in additional compensation. This is a major reversal from FTX’s previous bankruptcy plan.

FTX’s New Repayment Plan

Under the new proposed plan, creditors with allowed claims below $50,000 would receive up to 118% of those claims. The proposed repayment would occur within 60 days of the plan’s approval.

FTX estimated the total value distributed to creditors will range between $14.5 billion and $16.3 billion. Since filing for bankruptcy in November 2022, FTX has clawed back funds from partners and sold shares in companies it had invested in.

NEW: FTX announces a plan to repay 98% of its creditors up to 118% of their claims

— BlockNews.com (@blocknewsdotcom) May 8, 2024

Reactions to the Plan

FTX CEO John J. Ray III said the company is pleased to propose full reimbursement with interest for non-governmental creditors. This is a stark contrast to the previous plan, which only returned the value of assets at the time of the bankruptcy filing.

The crypto markets have seen a resurgence since then, with Bitcoin rising over 20%. If approved, the plan would mark a major step in reimbursing creditors after FTX’s collapse.

The Path Forward

The reimbursement plan is subject to finalization and approval by the Delaware Bankruptcy Court. FTX confirmed it will not reboot the cryptocurrency exchange that was once among the largest globally. For now, the company’s focus remains on repaying creditors and emerging from bankruptcy.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoincryptoDelaware Bankruptcy CourtFTXJohn J. Ray III
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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