FTX Trading seeks third extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 6 – FTX Trading Ltd. is seeking a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend the exclusive plan filing period through March 5 from Dec. 6 and the exclusive solicitation period through June 4, 2024 from Feb. 4.

As background, debtors filed a draft plan and accompanying draft term sheet identifying the outstanding open issues with the official committee of unsecured creditors and other creditor groups in July.

In September and October, the debtors hosted creditor meetings to build upon that momentum and to advance the plan process.

As a result, the company said the debtors are poised to file a largely consensual amended plan and an accompanying disclosure statement and solicitation procedures motion in December.

FTX said the extension will give the debtors enough time to finalize the terms of the consensual plan and to solicit votes in the complex Chapter 11 cases.

“This extension will protect the agreement that the debtors, the committee and other creditor groups have fought so hard to reach and allow the plan process to come to its natural and orderly conclusion,” the company said in the motion.

A hearing is scheduled for Jan. 25.

FTX has headquarters in the Bahamas and filed Chapter 11 bankruptcy on Nov. 11, 2022 under case number 22-11068.

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