FTX applies for an extension to respond as creditors oppose freezing of $470 million in overseas claims
Odaily News The FTX liquidation team has filed an extension application with the Delaware court, seeking more time to respond to more than 90 creditor objections to its freezing of its $470 million cross-border repayment plan.
The plan proposes to list 49 jurisdictions, including China, as restricted areas and suspend compensation payments to relevant creditors. FTX said the move is aimed at avoiding potential legal risks, especially the criminal liability that executives may face. Currently, Chinese creditors account for 82% of the claims (about US$380 million). However, the plan has been strongly opposed. Weiwei Ji, a representative of Chinese creditors, said that hundreds of investors have been organized to collectively defend their rights. Another creditor, Sunil Kavuri, revealed that there are still about US$1.4 billion in claims pending. The relevant hearing will be held on Tuesday this week. (Cointelegraph)
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