FTX Files Reorganization Plan to End Bankruptcy

The estate of the collapsed crypto enterprise FTX submitted a proposal to end bankruptcy with a Delaware court, a filing from Saturday shows. The exchange founded by Sam Bankman-Fried imploded in November 2022 shortly after CoinDesk reported on the shaky balance sheet of the firm's trading unit, Alameda. The bankruptcy plan was expected by Dec. 16 following earlier informal proposals, which included plans to return up to 90% of creditors' funds. In the new proposal, creditor and customer claims are classed according to the priority the estate plans to give them. As in other high-profile crypto bankruptcy cases, the plan is likely to face opposition from various creditor groups until it's approved by the court. 

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