In the current case of FTX, the bankruptcy court in Delaware approved the reduction of the fund for controversial receivables. As a result of this development, it was possible to release a significant amount of resources for subsequent payments to FTX’s customers and creditors. With the last court decision, the total receivable reserve was reduced from $ 6.5 billion to 4.3 billion dollars.
Details of Court Approval
This court approval, which is one of the important steps in the bankruptcy process of FTX, allowed further payment to pay for creditors based on reducing the amount kept on the reserve. The court reached the opinion that uncertainties in the amount of controversial receivables at the end of the investigation and said that it is no longer necessary to separate from the unused tank.
According to the results of the court, the legal process can be accelerated to share the additional funds obtained among the creditors. With the update of the reserve amount of $ 6.5 billion, $ 1.9 billion became more distributed. Crypto investors’ application – the reason will surprise you!
Effect on Creditors and Distribution Calendar
For creditors and old customers, payments are expected to increase significantly. After this stage, FTX has accelerated the preparation activities in order to distribute within the framework of the new court decision. The company set the date of August 15 as registration day for payments.
Various administrative steps are taken to update the accounts and to finalize the right holders in order to carry out the distribution healthy. While the creditor information processes continue, updates are planned to be made in the relevant records.
Explanations from company and court representatives
In a official statement made by FTX with the development, the new distribution process will progress in a fair way considering the interests of customers and creditors.
FTX spokesperson: “Thanks to the reserve reduction, more funds can be delivered to the right holders.”
The court officials also commented on the decision taken:
Delaware Bankruptcy Court official: “After sufficient security has been achieved, it is deemed appropriate to distribute the surplus fund in the reserves.”
It is stated that the issues of transparency and informing rights holders in the management of the judicial process are prioritized. The company continues to give importance to the effective use of resources during the bankruptcy process and to act in compliance with the debtors.
With the latest court decision on the bankruptcy process of FTX, a large part of the fund for controversial receivables was released. While approximately one -third of the reserve allocated for the creditors is released, this development is important in terms of accelerating payments. According to official statements, with the updated reserve amount, the company is expected to start payments after August 15, the relevant registration date. It is stated that the steps taken by the company and the court during the trial and distribution process were carried out with the aim of protecting their customers and creditor interests. At this point, it is stated that transparency will be maintained both in the follow -up and informing of the right holders.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
