FTX and Bahamian liquidators agree on creditor payout plan

2023-12-19 16:17:45

FTX has finalized a collaboration with Bahamian liquidators to outline how to pay back its creditors

The arrangement, a continuation of a previous deal reached earlier in the year, outlines a unique approach to valuing the cryptocurrency assets held by FTX and its Bahamian division. The valuation will be fixed based on the market prices from when FTX and its affiliates filed for bankruptcy in November 2022. This method does not account for any subsequent market fluctuations.

Under the terms of the agreement, FTX customers will be presented with two options for receiving their dues: either through the liquidation process in the Bahamas or via bankruptcy proceedings in the United States

However, it’s important to note that claims linked to FTX’s digital token, FTT, are classified as equity. Consequently, these claims are not eligible for any financial reimbursement.

Regarding the settlement of claims, all demands for cash or digital assets from the exchange’s customers — excluding those related to NFTs — will be assessed in U.S. Dollars. The valuation will adhere to the price points relevant to the dates of the respective petition filings

FTX.com customers eligible for repayment are expected to decide on this plan by the second quarter of 2024. They will need to select the jurisdiction — either the Bahamas or the United States — where they prefer their claims to be processed and resolved. This decision can be made through a ballot associated with their plan or a separate procedure.

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