FTX Creditors And Debtors' Latest Dispute Overshadows Reorganization Plan
FTX Hits Back At Creditors For Seeking Control Over Assets According to a filing in the court on August 9, FTX responded to a statement by the UCC in response to the draft plan of reorganization and term sheet. FTX blasted the UCC for seeking control over debtors’ assets after it called on debtors to invest nearly $2.6 billion cash reserves in short-term Treasuries to offset professional fees of up to $330 million. advertisement Disputes arise between the UCC and debtors as creditors allege a lack of consultation and FTX losing most funds amid the bankruptcy filing. However, SEC is frustrated about lack of involvement and unprofessional conduct from many members of the UCC. “The Debtors hope that the members of the Committee will constructively engage in these negotiations and actually sit down in person alongside the Ad Hoc Committee, customers and stakeholders holding other views in an effort to achieve the optimal result for all those impacted by F...