Creditors involved in the bankruptcy proceedings of Israeli insurtech firm Vesttoo have submitted claims surpassing $4.8 billion against the company and its affiliated entities. However, the anticipated amount recovered is expected to be less than $100 million, according to industry website Artemis. The report suggests that a sum between $77 million and $88 million is available for disbursement to general unsecured creditors. Further recuperation, contingent on favorable litigation outcomes, is estimated to fall within the range of $6 million to $48 million. The U.S. Bankruptcy Court for the District of Delaware conditionally sanctioned last week the reorganization plan under chapter 11 for Vesttoo's bankruptcy, setting the stage for a vote on the matter, which seems likely to be approved, as the main creditors are backing it.
