FTX Reaches Global Settlement with Debtors and Liquidators
As former FTX CEO Sam Bankman-Fried awaits his sentence this year, FTX Digital Markets Limited has made an agreement with FTX Trading Ltd. and its related debtors to resolve financial issues during Chapter 11 proceedings.
Good News for FTX Creditors: First Creditor Meeting Scheduled
Following the agreement, the first meeting of FTX Digital’s creditors is scheduled for March 15, 2024, at The Baha Mar Convention Center in Nassau, Bahamas. The meeting aims to set up a liquidation committee and inform creditors about the claims process, ensuring an organized approach to closing FTX Digital.
FTX Digital, a company operating in The Bahamas, faced regulatory challenges, leading to a winding-up petition presented by the Securities Commission of the Bahamas in November 2022, and the suspension of its digital asset business license.
FTX Digital Liquidation In Process
The Commercial Division of The Supreme Court of The Bahamas appointed provisional liquidators to oversee the liquidation proceedings. Joint Official Liquidators (JOLs) were subsequently appointed, and a Chapter 15 petition was filed in the United States Bankruptcy Court.
The website acts as a hub for FTX Digital stakeholders, offering updates and relevant details regarding the Bahamian Liquidation Proceedings, and does not address matters about the Chapter 11 Bankruptcy Proceedings.
Efforts are being made to address creditor claims and facilitate the orderly liquidation of FTX Digital Markets Limited amidst ongoing legal complexities and proceedings in multiple jurisdictions.
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