FTX Trading Ltd. and its affiliated debtors revealed in a statement on Tuesday that they came to a settlement with the Joint Official Liquidators (the "JOLs") on behalf of FTX Digital Markets Ltd.
"The Global Settlement Agreement reflects a novel and mutually-beneficial solution to the complex cross-border legal issues raised by the circumstances of the collapse of the FTX group," FTX debtors explained. As a part of the deal, which is subject to the approval of the United States Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas Court, the two sides will "pool assets and coordinate the establishment of reserves and the timing and amount of distributions." Moreover, all FTX customers "will have the election to have their claims reconciled and paid," while their claims for cash or digital assets "will be valued in both proceedings in US Dollars."
Nonetheless, as the approval of the two courts is pending, changes to the settlement could be made along the way, FTX debtors cautioned.
