FTX provides an update on the upcoming creditor and customer distribution timeline

The restructuring plan is expected to take effect in early January 2025; distributions will begin no later than 60 days thereafter

Wilmington, Delaware, November 21, 2024 /PRNewswire/ -- FTX Trading Ltd. (i.e., FTX.com) and its affiliated debtors ("FTX" or "debtors") today announced that FTX is nearing the completion of the final prerequisites for the court-approved Chapter 11 restructuring plan ("Plan"), paving the way for FTX to begin distributions to creditors and customers.

John J. Ray III stated, "We are pleased to announce that we will begin distributions in early 2025. The listed timeline reflects the experience and ongoing work of the professional team supporting the debtors, who have recovered billions of dollars for FTX's creditors and customers. While we continue to take actions to maximize recovery, we are fully committed to reaching an agreement with our distribution agent to return the proceeds to creditors and customers as soon as possible."

FTX provided the following update regarding the expected distribution timeline:

In early December, the debtors expect to finalize arrangements with a professional distribution agent, who will assist FTX in distributing recovered funds to global customers within the supported jurisdictions ("Distribution Agent"). At that time, the debtors will provide instructions to guide customers in establishing approved accounts with the distribution agent on the existing customer portal.

By the end of December, the debtors expect to announce the exact effective date after a court order approving the disputed claims reserve amount is issued, which is a prerequisite for distributions under the confirmation order.

The debtors currently expect the plan to take effect in early January 2025. According to the confirmation order, the initial distributions will be made to holders of allowed claims in the plan within 60 days ("Initial Distributions"). The record date for the initial distributions will be the same as the effective date.

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