FTX reorganization plan gains 94% creditor support, awaits court approval

A reorganization plan for the bankrupt crypto exchange FTX has received support from 94% of its creditors, specifically those who were clients of the offshore FTX.com Exchange, according to CoinDesk citing restructuring agent Kroll. The plan aims to return 118% of claims in cash to the majority of creditors, representing around $6.83 billion in total claims. Two creditor classes did not submit ballots but are presumed to accept the plan. With creditor approval secured, the bankruptcy court is scheduled to review the plan on Oct. 7. However, potential challenges remain, including possible objections from the U.S. Securities and Exchange Commission over using stablecoins for repayments.