FTX for the start of creditors payments of $ 11.4 billion in May after the bankruptcy battle for years
FTX, the collapsed currency exchange that it knew once by Sam Bankan Farid, is planning to start pushing its main creditors at the end of May, Bloomberg said based on the court’s procedures in Delaware this week.
The company raised $ 11.4 billion in cash for its distribution to thousands of parties affected by its bankruptcy 2022, with the first payments for the main creditors specified on May 30.
These include institutional investors and companies that have been encryptive on the FTX platform. The younger creditors who have less than $ 50,000 already have to have I started receiving distributions.
FTX collapse Leave a financial hole and a path of frustrated creditors – many who are expected to be paid in encryption, not in dollars. Since bankruptcy, the price of Bitcoin is more than quadruple, which increases frustration among those who are waiting for their origins.
FTX’s public budget relaxation task has slowed down due to a large number of claims, according to doubtful. Andrew Daidrich, a bankruptcy lawyer for the company, told the court that FTX had received “27 Quintillion”, according to Bloomberg, many of them from repetitions or direct fraud.
Interest payments double the urgency. While FTX earns only a modest return on its money, legal creditors have the right to obtain 9 % interest annually on unpaid claims. The longer the duration of its payment, the more the company condemns.
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