US trustee challenges FTX reorganization plan, citing legal concerns
The objections raised by the US trustee and the creditor group are likely to play a significant role in the court’s deliberations.
The ongoing FTX reorganization proceedings have taken a new turn as the United States trustee overseeing the case has raised significant objections to the crypto exchange’s amended reorganization plan.
The trustee, Andrew Vara, along with a group of creditors, has filed complaints highlighting multiple flaws in the proposed plan, which the FTX estate has touted as having widespread creditor support.
This follows a claim by the bankrupt crypto trading platform FTX that its amended reorganization plan gained overwhelming preliminary support from creditors entitled to vote.
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Author: Amaka Nwaokocha
