FTX to submit revised reorganization plan in mid-December

Bankrupt crypto exchange FTX is preparing to present an updated reorganization plan to the court in mid-December.

The Official Committee of Unsecured Creditors has written a reply to the FTX 2.0 Customer Ad Hoc Committee, providing insights into the details of its proposed amended reorganization plan. Scheduled for mid-December, the plan is expected to reshape the fate of unsecured creditors.

In the letter, recognizing differing perspectives on asset valuation and distribution, the Committee of Unsecured Creditors highlighted the proposed plan’s capacity to maintain a balance among stakeholders’ interests.

However, ongoing activities, including a potential acquisition by financial services firm Perella Weinberg that may unfold during the bankruptcy proceedings, will be formally submitted via a court motion for approval. Concepts like recovery rights tokens — referenced in the FTX 2.0 Customer Ad Hoc Committee’s letter — are presently under evaluation by both the Official Committee and potential transaction participants.

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