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FTX, a cryptocurrency exchange that has faced bankruptcy, has submitted a revised settlement proposal following objections from the U.S. Trustee regarding a prior motion. This update was detailed in a court filing on Sunday.
Although the FTX debtors slammed the U.S. Trustee for being the "sole objector to the Motion" attempting to "inject itself into a routine settlement process that is already adequately safeguarded by two different creditor committees," they mentioned they were putting forth revisions in an attempt to tackle these worries.
The most recent suggestion involves adding the U.S. Trustee as a formally notified party and lowering the upper limit for resolved claims governed by the protocols from the initial $10 million to $7 million. Additionally, debtors will be required to submit monthly reports detailing the settlements they have executed. Any concerns raised by the "notified parties" must be addressed and resolved via a court order prior to proceeding with the claims process.
The two groups responsible for creditor representation are the Official Committee of Unsecured Creditors and the ad hoc committee comprising international customers.
The U.S. Trustee raised an objection to the previous motion, asserting that $10 million is significantly excessive to qualify as a "small" claim, especially given the lack of sufficient notification regarding the nature of these claims.
FTX, previously ranked as the third largest global digital assets exchange, experienced insolvency in November of the preceding year.
