FTX's reorganization plan has gained significant traction, with more than 94% of voting creditors backing the initiative. The restructuring administrator, Kroll Restructuring Administration, announced the results, revealing that almost all classes of creditors voted to accept the plan.
According to the filing made public on Monday, 94.48% of creditors within the 'dotcom customer entitlement claims' class, representing approximately $6.83 billion in claims, voted in favor of the reorganization plan. Furthermore, 89.1% of creditors in the 'U.S. customer entitlement claims' class, totaling about $60.99 million, also supported the proposal. The 'dotcom convenience claims' class exhibited a remarkable 95.88% approval rate, representing $223.59 million in claims.
Under the FTX bankruptcy plan, roughly 98% of creditors are expected to receive at least 118% of their claim value in cash, as per FTX press releases. The evaluation of bankruptcy claims was based on the value of the relevant cryptocurrencies at the time.
In August, following the conclusion of the voting, the restructuring team reported that it received overwhelming preliminary support from all creditor classes, with over two-thirds of all solicited claims participating in the voting process.
The confirmation hearing for the reorganization plan is set for October 7.
