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FTX Set for $5 Billion Second-Phase Distribution Following $7 Billion Payout
Advisers managing the bankruptcy of FTX are preparing to distribute $5 billion to the company’s creditors. This will be the second payout this year. The first round began in mid-February.In the February round, repayments started with customers in the “Convenience Class.” These are individuals with claims of $50,000 or less. They are receiving full repayment along with 9% annual interest from November 2022. FTX distributed $7 billion in the first phase. The new $5 billion distribution is scheduled to begin on May 30.FTX Begins Second Creditor PayoutFTX said that customers and other creditors will receive between 54% and 120% of what they are owed in this payout. The company said payments will be made through either Bitgo or Kraken. These payments are being made under a Chapter 11 plan. The plan was approved by a bankruptcy judge in Delaware last year.You may find it interesting at FinanceMagnates.com: FTX EU Customers’ Claims Are on the Way: New Owner Backpack Initiates Process.
Advisers managing the bankruptcy of FTX are preparing to distribute $5 billion to the company’s creditors. This will be the second payout this year. The first round began in mid-February.
In the February round, repayments started with customers in the “Convenience Class.” These are individuals with claims of $50,000 or less. They are receiving full repayment along with 9% annual interest from November 2022. FTX distributed $7 billion in the first phase. The new $5 billion distribution is scheduled to begin on May 30.
FTX Begins Second Creditor Payout
FTX said that customers and other creditors will receive between 54% and 120% of what they are owed in this payout. The company said payments will be made through either Bitgo or Kraken. These payments are being made under a Chapter 11 plan. The plan was approved by a bankruptcy judge in Delaware last year.
You may find it interesting at FinanceMagnates.com: FTX EU Customers’ Claims Are on the Way: New Owner Backpack Initiates Process.
