FTX lenders are preparing for a crucial vote that could trigger repayments soon

• FTX’s creditors are set to vote on a reorganization plan that could open the doors to repayment soon.
• The Official Committee of Unsecured Creditors has put forward a plan after negotiations with debtors and believes it offers the best case scenario and is calling on those affected to vote.
• Last-minute changes to the FTX repayment plan have drawn criticism from traders and lenders on X.

FTX’s creditors could soon be reimbursed for lost funds, according to court documents and a ballot that appeared online. FTX’s official committee of unsecured creditors asked investors who lost their funds in the FTX collapse to vote on a proposed repayment plan on October 7.

The outcome of the vote could speed up repayment for creditors.

FTX creditors to vote on recovery plan

FTX’s official committee of unsecured creditors negotiated a plan with the debtors and called on creditors to vote on it on October 7. According to a document, the debtors and the official committee negotiated the payment plan, the date value of the creditors’ claims and distributions, eventually calling for a vote.

The October 7 vote could determine the next step in recovering user funds in the collapse and bankruptcy of FTX. It was previously noted during the bankruptcy process that cryptoassets have seen their value increase and creditors can be repaid on a dollar basis.

Cryptocurrency traders expressed their disagreement with the last-minute changes to the refund plan, according to their responses on X.

Therefore, October 7 is a key date to determine whether the reorganization plan will be implemented and whether payments to unsecured creditors, exchange users who lost their crypto assets in the crash will receive their funds.