FTX's reorganization plan gains support from over 94% of Dotcom voting creditors

The restructuring administrator of collapsed cryptocurrency exchange FTX has disclosed the voting results for its reorganization plan, with over 94% of FTX Dotcom clients voting in favor.

Kroll Restructuring Administration, responsible for soliciting votes, disclosed in a filing on Monday that nearly all classes of creditors voted to “accept.” Two classes of creditors did not return ballots and were presumed to accept the plan.

The Monday filing showed that 94.48% of creditors in the “dotcom customer entitlement claims” class who returned their ballots — representing about $6.83 billion in claims by value — voted in favor of the reorganization plan.

Approximately 89.1% of creditors in the “U.S. customer entitlement claims” class who sent in ballots, representing about $60.99 million in claims, voted yes to the plan. Additionally, 95.88% of creditors in the “dotcom convenience claims” class, representing $223.59 million in claims, also voted in favor.

​​Under the FTX bankruptcy plan, about 98% of creditors are set to receive at least 118% of their claim value in cash, according to FTX press releases. The bankruptcy claims, however, were evaluated based on the value of the relevant cryptocurrencies at the time. 

In August, when the voting ended, the restructuring team said it had received “overwhelming preliminary support from all classes of creditors” and that over two-thirds of all solicited claims by voting value participated in the solicitation process.

The reorganization plan’s confirmation hearing is scheduled for Oct. 7.