BlockFi reaches tentative agreement with FTX, may recoup nearly $900 million from FTX and Alameda
According to court documents filed on Wednesday afternoon local time, BlockFi and FTX have reached a temporary agreement to settle all litigation and disputes, which also involves associated debtors and is still pending court approval, but represents a significant step forward in the long legal process after FTX's collapse.
As part of the plan, BlockFi will receive $185.2 million as a claim from its clients against FTX debtors, and will receive a separate claim of $689 million against Alameda, including previous loans, for a total amount of about $900 million, but only $250 million is guaranteed. BlockFi bankruptcy plan administrator Mohsin Meghji wrote in the document: "BlockFi ensures that it will receive $250 million shortly after FTX's plan is confirmed and effective - before the general unsecured claims against FTX begin to be distributed, which may allow for a second interim distribution in the short term."
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