In a significant development, FTX Debtors and FTX Digital Markets have announced a global settlement agreement with the Joint Official Liquidators (JOLs) representing FTX Digital Markets.
The settlement, subject to court approvals, addresses the complex legal challenges arising from the collapse of the FTX group and proposes a mutually beneficial solution.
Consensual Resolution Achieved
The Global Settlement Agreement contains several key provisions to ensure a consensual resolution, according to a recent joint press release:
Firstly, the debtors and FTX Digital Markets will pool their assets, enabling substantially identical relative distributions for FTX.com customers in both proceedings. This coordinated approach aims to prioritize the interests of the company’s customers and deliver consistent outcomes.
Secondly, the agreement allows customers, except insiders and certain excluded customers, to choose between reconciling and receiving payments in the Chapter 11 cases of the deb
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