Golden Finance reported that lawyers representing FTX creditors are working hard to push the bankruptcy case to achieve the goal of paying 90% of funds back to users. The lawyers must obtain 75% support from 60 individuals and entities in the creditor group and investors who register as members in the next few weeks before December 1.
Sarah Paul, an attorney at Eversheds Sutherland, said that if the settlement is approved by creditors, it still needs approval from the bankruptcy court. The ultimate goal is to emerge from bankruptcy around July 2024, when users will be able to retrieve funds that have been locked since last year.
