©Reuters
Investing.com — FTX and its debtors have reached an agreement with joint liquidators representing the Bahamian entity of the bankrupt cryptocurrency exchange, in a move to maximize asset recoveries and to reconcile claims for customers and creditors.
According to a statement released Tuesday, the agreement calls for the two parties to pool their assets and coordinate to establish reserves to “ensure that FTX.com customers […] receive substantially identical relative distributions at substantially identical times.
The deal must still be approved by the U.S. Bankruptcy Court in Delaware and the Supreme Court of the Bahamas, the statement said.
FTX Chief Executive John Ray, who replaced convicted founder Sam Bankman-Fried, called the development a “critical step” in the company’s drive to repay its customers.