Odaily Planet Daily News: The FTX creditor group led by Sunil Kavuri opposes the reorganization plan proposed by the FTX bankruptcy administrator. According to documents filed with the court on June 5, creditors pointed out that the plan did not pass the best interest test, contained terms that were not in the interests of creditors, and ignored property rights issues. Creditors said that cash repayment would result in customers having to pay taxes on the cash received. They suggested using in-kind repayment to avoid tax issues. Creditors further stated that FTX must update the disclosure statement of the settlement with the US Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive $200 million in priority claims within 60 days of approval. Another $685 million in secondary priority claims will be paid after customers are fully repaid. On May 7, the FTX bankruptcy administrator announced a reorganization plan in which creditors will receive full cash repayment. Under the plan, creditors with claims of less than $50,000 will be eligible for 118% compensation within 60 days of court approval. Other non-government creditors will also receive full compensation and interest compensation of up to 9%. (CryptoSlate)