FTX Trading Ltd. and its affiliated debtors, collectively referred to as “FTX” or the “Debtors,” have provided an update on their Chapter 11 Plan of Reorganization. Below are the main highlights from their latest announcement:
- Court Approval and Implementation Steps
- The U.S. Bankruptcy Court for the District of Delaware has approved FTX’s Plan of Reorganization.
- The Debtors are now addressing final requirements to make the plan effective, paving the way for distributions to creditors and customers.
- CEO’s Statement
- John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of FTX Debtors, expressed optimism, stating, “We will begin distributing proceeds in early 2025.” He emphasized the team’s success in recovering billions of dollars in assets for creditors and customers.
- Distribution Timeline
- December 2024: FTX will finalize agreements with specialized distribution agents and provide customers with account setup instructions.
- End of December 2024: The effective date for the Plan will be announced, contingent on court approval of the Disputed Claims Reserve Amount.
- Early January 2025: The Plan is expected to become effective, with initial distributions to holders of allowed claims in the Convenience Classes commencing within 60 days of the effective date.
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