Stakeholders with Terraform Labs Pte. Ltd. (TFL) and Terraform Labs Limited (TLL) need to act quickly to protect their voting rights. They must submit preliminary Crypto Loss Proofs of Claim by August 21, 2024, at 5:00 PM (ET) to be eligible to vote in the bankruptcy case.

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This filing is crucial for stakeholders who wish to vote on the Chapter 11 plan. However, it is important to note that this process does not address how claims will be ultimately distributed; that matter will be resolved at a later stage of the bankruptcy case. Claims must be related to events involving TFL before January 21, 2024, and TLL before July 1, 2024. To ensure participation in the proceedings, stakeholders should submit their claims by the specified deadline.

Filing Requirements for Chapter 11 Voting Rights

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Stakeholders with claims that arose before the specified dates must file their claims by the deadline to participate in the Chapter 11 voting process. This filing is solely for determining voting eligibility and does not impact how claims will be distributed, which will be addressed later in the proceedings.

Claims must be submitted through Epiq Corporate Restructuring, LLC’s official website or sent by hand or mail to the designated addresses. Submissions must be in English, valued in US dollars as of the petition date, and signed under penalty of perjury.

A Crypto Loss Claim includes claims related to various transactions involving Terra ecosystem crypto assets, such as wrapped, bridged, staked, bonded versions, and derivatives or swaps of these assets.

Essential Filing Requirements for Voting Rights

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Individuals or entities with Crypto Loss Claims against the Debtors prior to the petition dates must file a claim to vote on the Chapter 11 plan. Exceptions apply to those who have already submitted a similar claim form, whose claims have been fully settled, or who choose not to vote on the plan.

Failure to submit the Preliminary Crypto Loss Proof of Claim by August 21, 2024, will disqualify stakeholders from voting on the Chapter 11 plan. However, it will not affect their ability to file claims for future distributions once the plan is confirmed. Adhering to these filing deadlines is crucial for participating in the voting process.

In summary, stakeholders need to act quickly to maintain their voting rights in the Terraform Labs Chapter 11 case. The filing process underscores the importance of meeting deadlines to participate in the bankruptcy decision-making process. While this preliminary filing is for voting purposes only, stakeholders can still claim future distributions, reflecting the complex nature of financial restructuring.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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