G3, the founder of the decentralized gaming platform Goated and a former intern at eGirl Capital, shared on X platform that there are rumors claiming that the liquidation of FTX’s remaining assets is going smoothly, and there is a high probability that the recovered funds will fully repay the creditors’ claims. Therefore, the reorganization team may pay additional interest to the creditors, which means that they have a chance to recover 110% to 120% of the face value of their claims.
According to the trading price on the Claim Market, the trading price of FTX’s claims has currently reached nearly 90%.
However, is it really possible to immediately pay the creditors under these circumstances? In fact, under US bankruptcy law, in certain situations where the debtor’s assets are sufficient to repay their debts, or when the court deems it appropriate to pay interest, creditors may indeed receive additional interest payments. Therefore, it is possible to calculate interest on the claims during the bankruptcy period.
However, it should be emphasized that the specific circumstances still depend on the conditions of the individual case. Whether the FTX bankruptcy case will pay interest to the creditors still needs to consider the specific terms of the bankruptcy reorganization plan and the court’s ruling.
However, for those who hold non-US dollar (or stablecoin) deposits in FTX, even the payment of interest may not be enough to fill the gap. According to a previous report by Zombit, Judge John Dorsey of the Delaware Bankruptcy Court has ruled in a hearing that the amount of user claims must be calculated based on the asset price on the day the company filed for bankruptcy protection (November 11, 2022), when the price of Bitcoin was only about $17,000, which has now increased more than three times. In other words, for those users who have cryptocurrency stuck in FTX, even a 120% payout cannot achieve true “full reimbursement”.
