Investing.com -- FTX and its debtors have reached an agreement with joint liquidators representing the bankrupt cryptocurrency exchange's Bahamas entity, as part of a drive to maximize asset recoveries and reconcile claims for customers and creditors.
According to a statement on Tuesday, the settlement will see both parties pool assets together and coordinate to establish reserves in order to "ensure that FTX.com customers [...] receive substantially identical relative distributions at substantially identical times."
The agreement still needs to be approved by a U.S. bankruptcy court in Delaware and the Supreme Court of The Bahamas, the statement said.
FTX Chief Executive John Ray, who replaced convicted founder Sam Bankman-Fried, called the development a "critical milestone" in the company's drive to pay back customers.