Key Takeaways
- FTX's revised plan proposes payouts between $14.5-$16.3 billion.
- A 'convenience class' aims to expedite smaller creditor claims.
- CEO John Ray promised 100% returns plus interest for non-governmental creditors.
FTX submitted an updated reorganization plan, estimating $14.5 to $16.3 billion for creditor payouts through asset liquidation. The funds will come from Alameda Research, FTX Ventures, and potential litigation claims.
Efforts to expedite payments
FTX reached agreements with stakeholders to speed up creditor repayments.
CEO John Ray emphasized the importance of returning the funds:
100% of bankruptcy claim amounts plus interest for non-governmental creditors.
Convenience class for small claims
A “convenience class” allows creditors with claims of $50,000 or less to receive up to 118% of their claim amount within two months, pending court approval.
