Bitcoin BTC/USD and cryptocurrency trading platform FTX Trading, which filed for bankruptcy in November 2022, has received preliminary approval for its reorganization plan from its creditors.
What Happened: FTX announced that its amended reorganization plan has received overwhelming support from all classes of creditors entitled to vote. Over 95% of the creditors who submitted their votes were in favor of the plan, reported the Wall Street Journal.
The final voting results will be submitted to the bankruptcy court before the confirmation hearing scheduled for October.
Why It Matters: The overwhelming support for FTX’s reorganization plan comes in the wake of a tumultuous period for the company. Earlier this month, a U.S. judge ordered FTX and Alameda Research to pay $12.7 billion in restitution and…
