According to the meeting minutes held by FTX Digital Markets (FTX DM) joint liquidators in the Bahamas, the FTX bankruptcy committee plans to begin distributing the first funds to creditors by the end of 2024. The meeting minutes state:
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The meeting content indicates that this timeframe is a “common goal coordinated by the debtor and joint liquidators,” which means that FTX platform users within the United States Chapter 11 bankruptcy proceedings can also expect to receive their first payments by the end of 2024.
FTX’s bankruptcy liquidation will be handled concurrently through two different bankruptcy proceedings: the Chapter 11 bankruptcy process being heard in Delaware, United States, and the liquidation process of FTX Digital Markets, a subsidiary in the Bahamas.
According to a previous report by Zombit, FTX debtors have reached a global settlement with the joint liquidators of FTX Digital Markets. This bankruptcy process will coordinate the integration of assets and negotiate reserved funds, as well as the timing and amounts of distribution. This means that creditors, whether in the U.S. bankruptcy proceedings or the liquidation process in the Bahamas, will be able to receive a similar amount of claims around the same time.
Since the launch of the FTX claims portal on March 1st, creditors have been able to submit their claims through the portal. The deadline for creditors to submit claims is currently May 15th, but the meeting minutes indicate that the deadline for claim submissions is expected to be extended to at least June 2024. Additionally, the previous decision to value the claims based on the price as of November 11th, 2022, remains unchanged.
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