According to Bloomberg, bankrupt exchange FTX has reached a settlement with the Internal Revenue Service (IRS) regarding its $24 billion tax issue. Previously reported by Zombit, the IRS claimed that, based on its estimate, FTX and its affiliates owe approximately $24 billion in taxes from 2018 to 2022. This dispute has caused the restructuring plan to stall, as tax claims take precedence over ordinary debts, preventing the restructuring plan from moving forward until the tax issue is resolved.
Under the latest settlement agreement, the IRS will receive a priority claim of $200 million, which will be paid within 60 days after the company’s proposed restructuring plan takes effect. Additionally, there is a secondary claim of $685 million, which will be paid after customers and other creditors are compensated, and there is available remaining funds.
In documents filed on Monday, FTX stated: