FTX Group Plan Proponents Support Confirmation of ‘Remarkable’ Plan With Recoveries in ‘Excess of Par’; UST Objection Sets up Latest Post-Purdue Fight on Opt-In/Opt-Out

Relevant Documents: Second Amended Plan / Blackline Confirmation Brief Reply to Plan Objections Voting Tabulation UCC Statement Ad Hoc Group Statement FTX DM Statement The FTX debtors’ chapter 11 plan received acceptance from all voting classes, according to the debtors’ voting tabulation filed yesterday, Sept. 30. The debtors argue in a reply brief and a confirmation brief that remaining objections – including from the Office of the U.S. Trustee – should be overruled and that the plan should be confirmed. The plan is “the culmination of a remarkable effort to build consensus, negotiate settlements of novel and complex issues, and recover and monetize assets,” allowing customers and nongovernmental creditors to receive 100% of all distributable value and recoveries “well in excess of par,” the debtors emphasize. The debtors add that if confirmed, the plan would enable a successful resolution to the chapter 11 cases and provide “some measure of closure and compensation to victims of fraud perpetrated by the FTX Group.” The official committee of unsecured creditors, the ad hoc group of non-U.S. FTX.com customers and the joint liquidators of FTX Digital Markets, or FTX DM, also filed separate statements in support of plan confirmation. The UCC highlights that under[...]