FTX to Submit Revised Reorganization Plan in Mid-December

Official Committee of Unsecured Creditors Provides Insights into Proposed Plan

The Official Committee of Unsecured Creditors has responded to the FTX 2.0 Customer Ad Hoc Committee, shedding light on the details of its proposed amended reorganization plan. This crucial event, set to take place in mid-December, is expected to reshape the destiny of unsecured creditors.

As FTX's bankruptcy proceedings continue, the closed exchange is gearing up to present an updated reorganization plan to the court next month.

The Official Committee's letter acknowledges the differing perspectives on asset valuation and distribution, emphasizing that the proposed plan aims to strike a balance between stakeholders' interests.

However, ongoing activities, including a potential acquisition by financial services firm Perella Weinberg, will be formally submitted through a motion for court approval. The Official Committee and potential transaction participants are currently assessing concepts like recovery rights tokens mentioned in the FTX 2.0 Customer Ad Hoc Committee's letter.

As part of the recent bankruptcy filing, FTX and its 101 affiliated companies have initiated a strategic review of their global assets to maximize recoverable value for stakeholders. It is important to note that the engagement of Perella Weinberg is subject to court approval.

The letter concludes with the Official Committee expressing its eagerness to maintain collaboration with the FTX 2.0 Customer Ad Hoc Committee in the coming months.

In related news, Gary Gensler, the head of the U.S. securities regulator, has suggested that a revived FTX crypto exchange could receive SEC approval if the new leadership adheres to legal boundaries. This statement follows reports that Tom Farley, the former president of NYSE, is considering acquiring the bankrupt crypto exchange originally founded by convicted fraudster Sam Bankman-Fried.