FTX has gained court approval for its bankruptcy plan, enabling it to repay customers using up to $16.5 billion in recovered assets.
During a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge John Dorsey approved the plan, praising it as a model for resolving complex Chapter 11 bankruptcy cases.
The approved plan is based on settlements with FTX customers, creditors, U.S. government agencies, and liquidators handling operations outside the U.S.
FTX will prioritize customers, aiming to repay 98% of those holding $50,000 or less on the exchange. These repayments are expected to be completed within 60 days after the plan's effective date, which remains pending.
The post "FTX Secures Court Approval for Bankruptcy Plan, Prioritizes Customer Repayment" first appeared on 36crypto.com News.
