FTX Prepares Revised Reorganization Plan
Cryptocurrency exchange FTX, currently in bankruptcy proceedings, is preparing a revised reorganization plan to be presented to the court in December. This plan aims to redefine the fate of the company’s unsecured creditors. The Official Committee of Unsecured Creditors has responded to the Ad Hoc Committee of FTX 2.0 Clients, outlining key aspects of the proposed plan.
In its communication, the Committee of Unsecured Creditors highlighted the diversity of perspectives regarding asset valuation and distribution. The proposed plan seeks to balance the interests of different stakeholders. Topics of discussion include concepts such as recovery rights tokens, currently being assessed by the Committee and potential transaction participants.
Potential FTX Acquisition and SEC Approval
Perella Weinberg’s engagement is subject to court approval.
FTX
Ongoing activities, including a potential acquisition by Perella Weinberg, will be formally submitted via a court motion for approval. Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has suggested that the new direction of FTX could receive agency approval if it adheres to legal boundaries. These comments come in response to reports indicating that Tom Farley, former President of the New York Stock Exchange, is considering buying the bankrupt exchange originally founded by Sam Bankman-Fried.
