FTX Announces Overwhelming Support from Creditors for Plan of Reorganization

All Participating Creditor Classes Vote to Approve Plan; Creditor Support from Approximately 99% of Voters’ Claims by Value

WILMINGTON, Del., Aug. 21, 2024 /PRNewswire/ — FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (“FTX” or the “Debtors”) today announced that the amended Plan of Reorganization (the “Plan”) that was filed with the United States Bankruptcy Court for the District Court of Delaware has received overwhelming preliminary support from all classes of creditors entitled to vote, including the FTX U.S. and FTX Dotcom customer classes. Unofficial voting reports indicate that over 95% of creditors who submitted votes voted in favor of the Plan, which represents 99% of voted claims by value. Over 2/3 of all solicited claims by voting value participated in the Debtors’ solicitation process. With these results, the Plan is expected to exceed the required thresholds for acceptance under the Bankruptcy Code.

John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of FTX, said: “The robust voting participation and corresponding results highlight the strong support and consensus for FTX’s Plan of Reorganization. Importantly, the Plan’s innovative structure provides for the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors and resolves complex disputes with dozens of governmental and private stakeholders. We are grateful for the collaboration with our stakeholders and creditors to date, and we will continue to work constructively with our creditors and the Court over the coming weeks leading up to the confirmation hearing. We are pleased to be moving closer to distributing cash to customers and completing the Chapter 11 process.”

FTX will file the final voting results with the United States Bankruptcy Court for the District Court of Delaware prior to the Confirmation Hearing, which is scheduled to commence on October 7, 2024.

Bankruptcy Court filings, including the Plan, and other documents related to the Court proceedings are available at https://cases.ra.kroll.com/FTX/.

Advisors

The FTX Debtors are represented by Sullivan & Cromwell LLP, Quinn Emanuel Urquhart & Sullivan LLP and Landis Rath & Cobb LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor and Perella Weinberg Partners LP as investment banker, among other advisors.

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SOURCE FTX