FTX plans to repay all creditors in full, plus “billions of dollars in compensation.”

FTX wants to give 98% of its creditors up to 118% of their allowed claims, with the remainder repaid in full, along with “billions in compensation for the time value of their investments.”

The bankrupt cryptocurrency exchange said in a statement on May 7 that the plan is “subject to final confirmation and approval” by the Delaware Bankruptcy Court.

“We are pleased to be able to propose a Chapter 11 plan that contemplates returning 100% of our bankruptcy claims plus interest to non-governmental creditors,” said John J. Ray III, FTX CEO and Chief Restructuring Officer.

This is contrary to FTX’s previous plan, which would have seen creditors repaid the value of their assets upon bankruptcy in November 2022.

Since then, the cryptocurrency market has seen a resurgence, with Bitcoin (BTC) rising more than 200%.

FTX estimated that the total value of the assets collected, which could be converted into cash for distribution to creditors, would be between $14.5 billion and $16.3 billion.

Only creditors with claims for allowable amounts less than $50,000 are eligible for 118% recovery if approved by the bankruptcy court.

Proposed repayment will be made within 60 days from the effective date of the plan.

Related: Bankruptcy judge approves $450 million FTX-Voyager settlement

The $32 billion cryptocurrency exchange collapsed in November 2022, exposing an $8 billion hole that new management has been trying to repair in the years since.

Among these efforts was the sale of $884 million in shares of artificial intelligence company Anthropic in March, which accounted for the company’s majority stake in FTX.

FTX confirmed in January that its restructuring plan would not include a reboot of the cryptocurrency exchange, which was one of the largest platforms by trading volume before its collapse.

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