FTX Bankruptcy Estate Aims to Repay Customers by End of 2024 📆
The FTX bankruptcy estate has set a goal to begin repaying customers by the end of 2024, according to notes from a meeting of FTX Digital’s Joint Official Liquidators in the Bahamas.
Parallel Bankruptcy Processes 🔄
- FTX’s bankruptcy consists of two separate processes running simultaneously
- The Chapter 11 bankruptcy in a Delaware court in the US
- The official liquidation process of FTX Digital in the Bahamas
- Both processes are due to the intertwined nature of FTX’s accounting
Collaboration for Creditor Benefits 💰
- Agreement between Chapter 11 Debtors and Joint Official Liquidators
- Creditors can submit claims to either entity
- Ensuring no creditor receives less than their entitlement
First Distribution by 2024 End 🎯
- Shared goal to distribute to creditors with admitted claims and KYC documentation
- Goal reaffirmed in notes from meeting on Mar. 15
Claims Submission Process 🔒
- Creditors able to submit claims on FTX’s claims portal since Mar. 1
- Deadline initially set for May 15, expected to extend to June 2024
Valuation Dates ⏳
- Bahamian claims and Chapter 11 claims valued as of November 11, 2022
Hot Take 🔥
FTX’s bankruptcy estate is making strides towards repaying customers by the end of 2024. With parallel processes underway and a commitment to creditor benefits, the estate aims to ensure fair value distribution and a seamless claims submission process. Stay tuned for further updates as the estate progresses towards its repayment goals.
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