Aug 24, 08:00 PM

FTX Reorganization Plan Backed by 95% Creditors Despite Objections from U.S. Trustee Andrew Vara

FTX Trading, the cryptocurrency platform that filed for bankruptcy in November 2022, has received overwhelming support from its creditors for an amended reorganization plan. The plan was backed by over 95% of creditors, representing 99% of the claim value. Despite this strong backing, the U.S. Trustee, Andrew Vara, has raised objections, arguing that the plan provides excessive legal protections for the estate's administrators and unfairly favors larger creditors. Additionally, some equity holders are forming a group to potentially object to the plan. The U.S. Trustee also contends that creditors should not bear the cost of a data breach. The results of the plan's approval process are expected by October 7.

#FTX Trading #Andrew Vara

Written with ChatGPT (GPT-4o).