FTX’s revised reorganization plan will be submitted to the bankruptcy court in mid-December

The Official Committee of FTX Unsecured Creditors disclosed a reply letter sent to the FTX 2.0 Customer Ad Hoc Committee on December 4. The Official Committee considers that the substantive terms of the currently proposed restructuring plan strike an appropriate balance between the competing interests of stakeholders and a position that is favorable to all unsecured creditors. A revised reorganization plan and disclosure statement will be filed with the bankruptcy court in mid-December to provide more details. The Official Committee will continue to evaluate any reasonable alternatives that may improve the terms of the proposed plan. The process regarding potential acquisitions, recapitalizations or other transactions is ongoing. In due course, any such transaction will be submitted to the court for approval in a motion to sell, which motion will provide a description of the proposed transaction. The letter also stated that although the Official Committee is currently restricted by confidentiality obligations and cannot disclose details, many of the concepts proposed in the letter, including those involving equity tokens for debt recovery, are ones that the Official Committee and potential transaction parties have already considered. the concept of. The Official Committee welcomes the opportunity to continue engaging with the FTX 2.0 Client Ad Hoc Committee in the coming months to work together to complete these insolvency cases.