FTX submitted a preliminary restructuring plan, including classifying non-customer claims as secondary, zeroing claims for FTT holders, and restarting offshore exchanges to compensate for customer shortfalls.
FTX will submit a revised plan and disclosure statement in the fourth quarter of 2023 based on creditor feedback to reach a consensus to get out of bankruptcy.
FTX has classified creditors and asked seven categories of creditors to vote in favor of the reorganization plan, while certain claims were canceled.
The priority of creditors will be determined according to the waterfall priority method, and after the claims of the previous class of creditors are satisfied, they will be repaid proportionally from the remaining claim pool.
FTX plans to let creditors give up cash payments and choose to pool assets to create offshore exchanges. The plan is still in its infancy and is subject to change and will be revised based on feedback from consulting parties and other stakeholders, with a revised restructuring plan due in the fourth quarter of 2023.