FTX creditors unimpressed with exchange’s bankruptcy exit plan
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A body representing FTX customers said it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan and claims it was ignored by FTX’s restructuring team.
In a July 31 court
It was, however, appreciative that the restructuring team signaled a willingness to amend the plan to include the UCC’s recommendations, saying that negotiations will start “very soon.”
The Debtors filed a template for a plan of reorganization last night. Business level negotiations between the Committee and the Debtors over the terms of the plan have not happened yet, but will start very soon.
— Official Committee of Unsecured Creditors of FTX (@FTX_Committee) August 1, 2023
“This will take willingness on the part of the Debtors to listen and engage and not attempt to substitute their judgment for that of the parties who truly know and understand the cryptocurrency markets,” it added.
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