FTX has outlined its intended restructuring plan, which would separate the bankrupt exchange’s claimants into specific categories and pave the way for the exchange to operate as an offshore entity.

The filing, dated July 31, includes a draft reorganization plan outlining the company's intended path to resolve its "unusually large and complex collection of claims."

There are 13 different categories of claims in total, including specific brackets for FTX.com customer rights claims, U.S. customer claims, and non-fungible token (NFT) customer claims.

Related: FTX Reboot Coming Soon: CEO Holds Talks With ‘Interested Parties’ — Report

The global settlement will involve the valuation of claims in U.S. dollars based on a valuation methodology prepared by FTX, which has not yet been approved by the Bakruptsy court, and will include disputes over assets held on FTX.com and the FTX US exchange.

FTX plans to identify three primary recovery pools that will correspond to segregated assets attributable to FTX.com customers, FTX US customers, and assets that the company believes do not belong to the two defunct exchange divisions.

Users who hold NFTs will also have their own separate classification. NFTs will be returned to applicable customers unless they are "destroyed" or lost. In this case, their claims will be transferred to Class 4A or Class 4B, as described in the screenshot above.

The document confirms a special “shortfall” claim by two FTX exchange organizations against a third common asset pool. This is to “compensate” for the unauthorized borrowing and misappropriation of assets that the exchange is accused of carrying out by former CEO Sam Bankman-Fried and his close associates.

The document also outlines the intention to cancel inter-company claims as well as the “extinguishment of FTT’s claims.” This particular clause implies that holders of FTX tokens (FTT) will receive any compensation for their tokens held. The collapsing value of FTT played a key role in the collapse of FTX in 2023.

The final section of the proposed plan covers the intention to liquidate the FTX estate to pay distributions to customers and creditors in cash. However, a clause states that customers may be offered a voluntary option in “restarting the offshore exchange.”

This would provide terms for specific creditors to choose their share of equity, tokens and other interests in a potentially relaunched offshore FTX exchange.

In bankruptcy proceedings, FTX sued Bankman-Fried and other directors involved in the case in an attempt to recover more than $1 billion in allegedly misappropriated funds. The July 20 indictment names Bankman-Fried as a defendant along with former Alameda Research CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, and former FTX engineering director Nishad Singh.

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Author: Deepchain DCNews

Compiled by: Sister Shen

Twitter: DeepChain

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