The FTX restructuring plan has sparked controversy, and creditors are about to vote

ChainCatcher news, the FTX bankruptcy reorganization plan has sparked intense debate in the Delaware bankruptcy court. FTX lawyers and creditors discussed the disclosure statement at a hearing on Tuesday. The statement provides information to creditors to help them decide whether to accept the reorganization plan. FTX plans to pay at least 118% of the claims amount to 98% of the creditors, but some creditors prefer to be paid in cryptocurrency rather than cash.

Judge John Dorsey needs to approve the plan, after which creditors will vote to confirm; the hearing is scheduled to take place later this year. The next hearings are set for July 17 and August 15.