FTX Trading Ltd and its affiliated debtors have announced that they are nearing the completion of key steps to implement their court-approved Chapter 11 reorganization plan.
Once finalized, the plan will allow the company to distribute up to $16.5 billion in recovered funds to creditors and customers.
Distribution Timeline
In a November 21 press release, John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of FTX Debtors expressed satisfaction with the progress made and stated that distributions are expected to begin in early 2025.
“The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers.”
Ray also noted that efforts to maximize recoveries are ongoing and that the company is focused on ensuring a swift distribution process through partnerships with agents.
FTX also outlined updates on its expected distribution
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