FTX Chapter 11 Reorganization Plan Starts January 3, 2025
The former cryptocurrency exchange FTX, run by convicted founder Sam Bankman-Fried, has set the start date for its Chapter 11 restructuring plan to distribute monies to impacted consumers after years of uncertainty.
Set Initial Distribution Date
FTX Trading Ltd. and its connected creditors announced on Monday that their court-approved Chapter 11 Plan of Reorganization would begin on January 3, 2025. This date is also the starting distribution record date for Convenience Class authorized claims.
KYC and other distribution procedures will apply to participation in the first distribution within 60 days of this effective date.
The first payout will only cover the plan's Convenience Classes, with additional claim classes' record and payment dates to be notified.
FTX Debtors CEO John J. Ray III was optimistic about the last two years' accomplishments. He said:
Our experts have painstakingly and effectively recovered billions of dollars to this date. The recovery efforts were successful, and the plan went into action in January 2025 and disbursements began. We are ready to distribute recovery to customers and creditors, and we urge consumers to take the appropriate actions to receive distributions quickly.
These collaborations guarantee that retail and institutional customers harmed by the company's failure, as well as other creditors in supported countries, get recovery according to the restructuring plan.
Distributions will only be issued to the transferee holder of an authorized claim that has been processed and registered in the Notice and Claims Agent's official register of claims as of January 3, 2025. This requires a 21-day notice period without objections.
FTT is now $3 after a consolidation period from April to September, when it ranged from $1.30 to $1.50. Over the previous two weeks, the token has gained 23% and 52% over the past month.
$FTT #FTX #BTCNewATHAgain #BTCNewATH $BTC $XRP