FTX.com releases restructuring plan, hints at rebooted offshore exchange

FTX.com has outlined its intended re-organization program that volition categorize claimants of the bankrupt speech into circumstantial classes and pave the mode for the speech to go re-operational arsenic an offshore entity.

Dockets filed connected July 31 see a draught program of reorganization that outlines the company’s intended way to settee an “exceptionally ample and analyzable postulation of claims”.

There are a full of 13 antithetic classes of claims, including circumstantial brackets for Dotcom lawsuit entitlement claims, U.S. lawsuit claims and nonfungible tokens (NFTs) lawsuit claims.

Related: FTX reboot connected the way: CEO holds talks with ‘interested parties’ — Report

The planetary colony volition impact the valuation of claims successful U.S. dollars connected a yet to beryllium Bankruptcy Court-approved valuation methodology prepared by FTX, including disputes implicit assets held connected FTX.com and FTX US exchanges.

FTX Draft Plan of Reorganization. Source: FTX

FTX plans to place 3 superior betterment pools that volition correspond with segregated assets attributable to FTX.com customers, FTX US customers and assets that the institution contends are not attributable to the 2 defunct speech arms.

Users that held NFTs volition besides person their ain seperate classification. NFTs are acceptable to beryllium returned to applicable customers unless they were "destroyed" oregon lost. In that scenario, their claims would displacement to Class 4A oregon 4B arsenic outlined successful the screenshot above.

The papers features designation of peculiar “shortfall” claims by the 2 FTX speech organizations against this 3rd excavation of wide assets. This is intended to “compensate” the exchanges for the unauthorized borrowing and misappropriation of assets that erstwhile CEO Sam Bankman-Fried and his adjacent associates are accused of carrying out.

The filing besides outlines the intent to cancel intercompany claims arsenic good arsenic the “extinguishment of FTT claims”. This circumstantial clause intimates that holders of FTT volition not beryllium compensated astatine each for their token holdings. The worth of FTT collapsing played a pivotal relation successful the illness of FTX successful 2023.

The last conception of the projected program covers the intent to liquidate the estates of FTX to payout distributions to customers and creditors successful cash. However a clause notes that customers whitethorn beryllium offered voluntary elections successful transportation “with a restart of an offshore exchange”.

This would spot proviso for circumstantial creditors to opt for a stock of equity, tokens and different interests successful a perchance rebooted offshore FTX exchange.

Under bankruptcy proceedings, FTX has sued Bankman-Fried and different implicated directors successful an effort to retrieve implicit $1 cardinal successful alleged misappropriated funds. The July 20 ailment names Bankman-Fried arsenic a suspect alongside former Alameda Research CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, erstwhile FTX engineering manager Nishad Singh.

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