Lawyers representing FTX’s creditors said they weren’t filled in on a recently proposed plan to revive the company’s international exchange, according to a Monday night filing. 

Creditors claimed that the proposed restructuring plan is a mere “idea” with no formal talks having taken place to actually put it into action. 

No Contact With Creditors?

The claimants’ statement accused FTX’s lawyers of breaking their promise to provide a public roadmap for the bankruptcy proceedings and to work with creditors on a successful reorganization plan. 

Instead, debtors ignored creditors’ suggestions for restructuring, which were not formally negotiated. Though the plan has been released in line with a pre-established deadline, creditors claim that what has been proposed only presents an “illusion” of progress. 

“Unfortunately, what was supposed to be a watershed moment for these bankruptcy cases—the filing of a plan of reorganization preceded by robust, good faith negotiation and collaboration—is anything but,” read the filing. 

FTX’s plan – put forth earlier that day – was to divide the exchange’s creditors into distinct classes based on whether they worked with FTX US, or the much larger international exchange. Members of each class would receive a “pro rata share” of each exchange’s asset pool.

Both FTX CEO John Ray III and the company’s former boss, Sam Bankman-Fried, have claimed that FTX US funds were kept separate from FTX and Alameda’s, with the latter claiming that the US branch is 100% solvent. 

The plan’s release was coupled with a 10% rise in the price of FTT – which collapsed as FTX filed for bankruptcy in November. Yet according to creditors, this is no “plan,” but merely the debtors’ “ideas for a plan.”

Specific Problems With The Pl