FTX Group unveiled a draft creditor-repayment plan as part of its bankruptcy that calls for settling customer claims in cash and wiping out its digital token FTT, Bloomberg News reported. The plan — which FTX expects to amend based on feedback from stakeholders — proposes valuing customer claims in U.S. dollars as of the date it went bankrupt and repaying them by selling assets tied to various silos of the business, court papers show. FTX also still hasn’t ruled out rebooting an offshore exchange, according to the filings. Three so-called recovery pools will guide creditor repayments. They include assets linked to FTX.com customers, assets linked to FTX US customers and assets not clearly tied to the exchanges, court papers show. Almost every proposed creditor class is deemed impaired, meaning the company expects they will not be made whole. The plan calls for giving no recovery on account of FTT tokens due to their “equity-like characteristics,” advisers for FTX wrote in the filings. Equity is almost always wiped out in US bankruptcy reorganizations.
