Eversheds Sutherland is representing an Ad Hoc Committee of Non-US Customers of FTX.com, aiming to protect non-US customers’ interests in the bankruptcy process of FTX. According to a statement from a representative of the Ad Hoc Committee, there are approximately 40 members representing about $2.5 billion in claims.
The debtors have filed an initial plan of liquidation.
The Ad Hoc Committee of Non-US Customers of FTX.com said the Debtors’ initial proposed Plan of Reorganization filed on July 31, 2023, is the “result of meaningful engagement and dialogue between the Debtors and the professionals for the Ad Hoc Committee over several weeks.”
The Ad Hoc Committee, which is supportive of the plan, stated:
“FTX.com customers are by far the largest creditor group and indisputably the group that was most injured by the massive fraud and misappropriation of customer assets in this case. The Ad Hoc Committee is an independent advocate for FTX.com customers and has recently been fully brought into plan discussions. We believe that through our participation in this process and through collaborative negotiation, we can achieve a balanced and equitable outcome.”
Calling the plan a significant milestone in a complicated case, the Ad Hoc Committee said there was still more to do.
Impacted individuals are expected to receive a pro-rata share of any impaired assets.
