John J. Ray III, Chief Executive Officer and Chief Restructuring Officer for FTX, said:
“We are happy to announce that we are going to start distributing proceeds in early 2025. The timeline displays the dedication of our staff and the progress made in recovering billions of {dollars} on behalf of collectors and prospects. We are dedicated to making sure distributions happen as shortly as potential.”
Timeline for Distributions
FTX outlined a transparent schedule for finishing its obligations and initiating distributions:
- Early December 2024: Finalizing agreements with specialised distribution brokers who will handle world recoveries. Customers will obtain directions to arrange accepted accounts through the present buyer portal.
- End of December 2024: The courtroom is anticipated to approve the Disputed Claims Reserve Amount, after which FTX will announce the Plan’s efficient date.
- Early January 2025: The Plan turns into efficient. The first distribution—focused at holders of allowed claims within the Convenience Classes—will happen inside 60 days of the efficient date.
Requirements for Customers
Customers should full particular steps to obtain distributions:
- Establish an accepted account with a Distribution Agent.
- Complete Know Your Customer (KYC) verification.
- Submit essential tax documentation.
Failure to finish these steps by the distribution report date might end in delays in receiving proceeds.
Impact on Claims Trading
Claims traded throughout the 45-day window earlier than the distribution report date might not be up to date within the claims register on time, probably affecting the receipt of distributions. According to Section 7.4.1 of the Plan, these funds could also be despatched to the transferor as a substitute.
Legal and Financial Updates
Details in regards to the Chapter 11 proceedings, together with the Plan and related courtroom paperwork, can be found on FTX’s devoted web site: https://cases.ra.kroll.com/FTX/.
