FTX applies for an extension to respond as creditors oppose freezing of $470 million in overseas claims

Odaily Planet Daily News FTX liquidation team has submitted an extension application to the Delaware court, intending to gain more time to respond to more than 90 creditor objections to its freezing of $470 million in cross-border repayment plans. The plan proposes to list 49 jurisdictions, including China, as "restricted areas" and suspend compensation payments to relevant creditors. FTX said the move is aimed at avoiding potential legal risks, especially the criminal liability that executives may face. Currently, Chinese creditors account for 82% of the claims (about $380 million). However, the plan has been strongly opposed. Weiwei Ji, a representative of Chinese creditors, said that hundreds of investors have been organized to collectively defend their rights. Another creditor, Sunil Kavuri, revealed that there are still about $1.4 billion in claims pending. The relevant hearing will be held on Tuesday this week. (Cointelegraph)