FTXas part of the restructuring plan. offshoreprompted the reopening of the stock market.
FTX The bankruptcy administrator has issued an announcement for the claimants on the exchange. He said he could set up a new company to operate a relaunched Offshore exchange, allowing those individuals to hold stock, tokens or other assets in the new Offshore company.
The draft plan submitted by FTX has been published
FTX addressed debtors and creditors in a draft plan it submitted Monday. In general, the draft outlined a plan where FTX Offshore exchange users would be classified as dotcom clients and FTX US users would be classified as US clients. According to the plan, dotcom entitlements will receive a proportional share of the revenue from the asset pool excluding distributions and expenses to the dotcom customer convenience class.
The bankruptcy executive proposed forming a new company with third-party investors to operate a relaunched Offshore platform for the Dotcom client pool. Alternatively, it was stated that it could enter into a merger or similar transaction.
The general statements in the draft plan are as follows;
“Instead of all cash, the Borrowers may decide to remit non-cash consideration in the form of stocks, tokens or other interests in the Offshore Exchange Company or investment rights in such stock to the Dotcom Client Pool of the Offshore Exchange Company. ”
