FTX’s Revised Reorganization Plan Addresses Cryptocurrency Claims Valuation
, Scheduling
FTX, the global cryptocurrency exchange, recently revealed that it had revised its reorganization plan. This “revised” plan is designed to address the issues related to the valuation and scheduling of cryptocurrency-related claims. FTX has gone through a number of company restructurings in recent months, in an effort to better position the firm to meet its stated objectives. The revised plan is expected to provide a framework for the successful completion of these restructurings, while also addressing the resolution of cryptocurrency-related claims that have been outstanding since mid-2020.
The new plan features a number of key changes, which are outlined below:
• Valuation: FTX has updated its methodology for estimating the fair market value of crypto-related claims, based on feedback from various stakeholders. The company has further committed to setting a date that will be used as a benchmark for calculating the current and future value of claims.
• Scheduling: FTX has adopted a new schedule for resolving outstanding claims, with the primary timeline being determined by the filing of the final report of claims for each claim category. This schedule is expected to ensure that the claims are addressed in a timely manner, while also including a reasonable amount of time for claimants to file and object to specific claims.
• Reporting: FTX has committed to producing regular reports that provide details on the status of outstanding claims and developments regarding the reorganization. These reports will include information regarding the progress made on the final report of claims and any other relevant matters.
Overall, FTX is hopeful that its revised reorganization plan will address the concerns of its creditors, token holders, and other stakeholders in order to facilitate a successful reorganization of the company. The company encourages all those who have filed claims to review the proposed plan and contact FTX if they have any questions or require additional information.