In the midst of the bankruptcy proceedings, FTX presented its primary reorganization strategy and term sheet to the U.S. bankruptcy court, detailing an ambitious plan to reinvent FTX as an “offshore crypto exchange” while also founding a new limited liability trust. At this time, the proposed FTX reorganization plan is targeting a comprehensive settlement between FTX and its creditors, encompassing both customers and associated FTX companies.
FTX Targets Recovery With Offshore Exchange Plan, New Trust Amid Bankruptcy
On July 31, 2023, FTX’s current CEO, John J. Ray III, said the team filed the reorganization plan early in the bankruptcy process to get feedback from creditors. FTX wants to work with creditors in the third quarter of 2023 to amend the plan and file a disclosure statement in the fourth quarter.
Ray thanked the FTX team for reaching this milestone amidst continuing efforts to maximize recoveries for customers and creditors. He also thanked the independent Board of Di
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