FTX and its affiliated debtors announced that their Chapter 11 reorganization plan will go into effect on January 3, 2025. 📅

- The first payment will begin 60 days after the plan goes into effect. Recipients must complete KYC procedures and submit tax forms.

- Lenders will get 119% of their claims back, with some getting up to 140% in cash.

- FTX estimates total recoveries will be between $14.7 billion and $16.5 billion. 💰

This development demonstrates the success of FTX’s asset recovery efforts. CEO John J. Ray III said the process is an important step toward repaying customers and creditors.