FTX restructuring plan disputed in court, creditors set to vote soon

The FTX bankruptcy restructuring plan has sparked heated debate in the Delaware bankruptcy court. FTX lawyers and creditors discussed the disclosure statement at a hearing on Tuesday. The statement provides information to creditors to help them decide whether to accept the restructuring plan. FTX plans to pay at least 118% of the claim amount to 98% of the creditors, but some creditors want to be paid in cryptocurrency instead of cash. Judge John Dorsey must approve the plan, and creditors will then vote to confirm the hearing, which will take place later this year. The next hearing is scheduled for July 17 and August 15.