{"id":53496,"date":"2023-12-07T18:37:12","date_gmt":"2023-12-07T18:37:12","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/ftx-ad-hoc-committee-prepares-amended-reorganization-plans-set-for-december\/"},"modified":"2023-12-07T18:37:15","modified_gmt":"2023-12-07T18:37:15","slug":"ftx-ad-hoc-committee-prepares-amended-reorganization-plans-set-for-december","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=53496","title":{"rendered":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December"},"content":{"rendered":"<div>\n<figure id=\"attachment_140251\" aria-describedby=\"caption-attachment-140251\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-140251\" class=\"wp-caption-text\">Source: Adobe<\/figcaption><\/figure>\n<p>The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm.<\/p>\n<p>In a letter dated December 4, 2023, the Official Committee of Unsecured Creditors (UCC), overseeing the bankruptcy of the FTX exchange, acknowledged the concerns raised by its ad hoc arm.<\/p>\n<p>Led by Ken Pasquale of Paul Hastings LLP, the UCC stated that it is actively working behind the scenes to ensure an expeditious bankruptcy process.<\/p>\n<p>Regarding unsecured creditors, the committee mentioned considering the option of \u201crecovering rights tokens\u201d to maximize their return on value. However, it indicated that specific details would remain confidential due to legal obligations.<\/p>\n<p>While both committees are exploring avenues to assist investors defrauded following the collapse of the Sam Bankman-Fried (SBF)-led platform, the UCC confirmed divergent views on how assets should be valued and redistributed in the reorganization plan.<\/p>\n<p>Nevertheless, the committee aims to submit an amended reorganization plan to the Bankruptcy Court in mid-December.<\/p>\n<p>This is expected to provide further details on the committee\u2019s recommendations. However, it stated that it is open to exploring other reasonable alternatives that can improve the terms of the proposed plan.<\/p>\n<p>The letter also touched on the subject of a potential acquisition by a third party, indicating that the process is still ongoing.<\/p>\n<p>In a November 2022 press release, FTX announced engaging Perella Weinberg Partners (PWP) as a lead investment bank in preparation for sale or reorganization. However, the purchase by PWP is still subject to the court\u2019s approval.<\/p>\n<p>This announcement was made following the kickstarting of the bankruptcy proceedings. The press release also revealed that 101 of its 130 affiliated companies would undergo a global strategic asset review.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Sharing a Press Release issued early today \u2013 <\/p>\n<p>FTX launches strategic review of its global assets. Text below (and link). https:\/\/t.co\/wxz9MYnXrn<\/p>\n<p>\u2014 FTX (@FTX_Official) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/FTX_Official\/status\/1594062646294085632?ref_src=twsrc%5Etfw\">November 19, 2022<\/a><\/p>\n<\/blockquote>\n<p>Addressing this event, Mr. John J. Ray III, serving as the interim CEO of FTX, said that he has instructed the team at FTX Debtors to prioritize the preservation of franchise value.<\/p>\n<blockquote>\n<p>\u201cI respectfully ask all employees, vendors, customers, regulators, and government stakeholders to be patient with us as we put in place the arrangement that corporate governance failures at FTX prevented us from putting in place prior to filing our Chapter 11 cases,\u201d Ray added.<\/p>\n<\/blockquote>\n<p>Meanwhile, the global asset review revealed that many of the exchange\u2019s affiliates have solvent balance sheets, putting them in a viable position to continue operating.<\/p>\n<h2>Regulators Welcome FTX Reboot<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Despite the historically challenging stance of US government agencies towards crypto-related companies, there seems to be a potential shift in sentiment towards the emerging industry.<\/p>\n<p>Speaking in a CNBC special appearance, US Securities and Exchange Commission (SEC) head Gary Gensler expressed openness to a possible FTX reboot in the future.<\/p>\n<p>According to the former blockchain professor at MIT, the return of FTX would be a welcome development as long as it aligns with legal regulations.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        Privacy Policy and<br \/>\n        Terms of Service apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/ftx-ad-hoc-committee-prepares-amended-reorganization-plans-set-for-december.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In a letter dated December 4, 2023, the Official Committee of Unsecured Creditors (UCC), overseeing the bankruptcy of the FTX exchange, acknowledged the concerns raised by its ad hoc [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-53496","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds<\/title>\n<meta name=\"description\" content=\"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=53496\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=53496\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-07T18:37:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-07T18:37:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/12\/1701973072-ftx.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=53496#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=53496\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December\",\"datePublished\":\"2023-12-07T18:37:12+00:00\",\"dateModified\":\"2023-12-07T18:37:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=53496\"},\"wordCount\":539,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=53496#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=53496\",\"url\":\"https:\/\/prosfunds.com\/?p=53496\",\"name\":\"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-12-07T18:37:12+00:00\",\"dateModified\":\"2023-12-07T18:37:15+00:00\",\"description\":\"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=53496#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=53496\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=53496#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds","description":"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=53496","og_locale":"en_US","og_type":"article","og_title":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds","og_description":"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In","og_url":"https:\/\/prosfunds.com\/?p=53496","og_site_name":"Prosfunds","article_published_time":"2023-12-07T18:37:12+00:00","article_modified_time":"2023-12-07T18:37:15+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/12\/1701973072-ftx.png","type":"image\/png"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=53496#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=53496"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December","datePublished":"2023-12-07T18:37:12+00:00","dateModified":"2023-12-07T18:37:15+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=53496"},"wordCount":539,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=53496#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=53496","url":"https:\/\/prosfunds.com\/?p=53496","name":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-12-07T18:37:12+00:00","dateModified":"2023-12-07T18:37:15+00:00","description":"Source: Adobe The FTX 2.0 customer ad hoc committee of the now-defunct crypto exchange has received a response to the letter sent to its official arm. In","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=53496#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=53496"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=53496#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"FTX Ad Hoc Committee Prepares Amended Reorganization Plans Set for December"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/53496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53496"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/53496\/revisions"}],"predecessor-version":[{"id":53498,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/53496\/revisions\/53498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/53497"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}