$FTT Attention!!!🫡 A significant event will occur with FTX this month!

❶ At the beginning of December, the debtor is expected to finalize arrangements with professional allocation agents, who will assist FTX in distributing recovered funds to global customers in supported jurisdictions (“Allocation Agents”). At that time, the debtor will provide instructions to guide customers in establishing approved accounts with Allocation Agents on the existing customer portal.

❷ By the end of December, the debtor anticipates announcing the exact effective date after a court order approving the amount of disputed claims reserve is issued, which is a prerequisite for distribution according to the confirmation order.

★ The plan is expected to become effective in early January 2025.

★ The record date for the initial distribution will be the same as the effective date.

- Wilmington, Delaware, on November 21, 2024 /PRNewswire/ -- FTX Trading Ltd. (i.e., FTX.com) and its affiliated debtors (“FTX” or “Debtor”) are about to complete the final prerequisites for the court-approved Chapter 11 reorganization plan (“Plan”), paving the way for FTX to begin distributing to creditors and customers.

* There is an expectation on X that the initial compensation amount of $16 billion will reach tens to $13 billion.

* The Chapter 11 reorganization plan, also known as Title 11 of the U.S. Bankruptcy Code, is a legal procedure designed to help companies address financial issues by restructuring their business and capital structure instead of liquidating. This process allows companies to reorganize their business under court protection before meeting creditor claims, aiming to create a viable and financially healthier business.

* The Chapter 11 reorganization plan, also known as Title 11 of the Bankruptcy Code, is an important chapter in U.S. bankruptcy law, primarily used to assist businesses in restructuring and delaying debt repayment to improve their chances of recovery. The main purpose of this chapter is to give companies time to restructure their business and/or capital structure before meeting creditor claims.

——— Same as before #ftx and FTT just leave me waiting🫡