The long-awaited FTX bankruptcy plan now have a specific date for creditors to expect payment. As the defunct exchange revealed in a recent press release, the official reorganization plan will commence in January 2025. FTX said it is completing the final pre-requisites that will make this payout and timeline feasible.
Will FTX Reorganization Plan Beat Expectations?
The trading platform confirmed in a press release that this reorganization plan will pave the way for it to begin creditor and customer distributions. Prior to the January 2025 deadline, the exchange said it will finalize its arrangements with its specially designated distribution agents.
To be eligible for payouts, customers will need to create an approved account with the distribution agents. The trading platform said it will announce the specific dates to that it will begin the distribution in January. This announcement is subject to a court order.
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This latest update comes after the court approved its bankruptcy plan in October. Under this reorganization plan, FTX will distribute over $6.6 billion to customers.