FTX and its affiliated debtors have announced that their Chapter 11 reorganization plan will officially take effect on January 3, 2025.
This day has also been designated as the initial distribution record date for those holding allowed claims in the plan’s convenience classes.
Distribution Details
According to a press release, payments for these claims are expected to begin within 60 days of the plan’s effective date. In line with this, recipients must complete know-your-customer (KYC) procedures and fulfill other distribution requirements, including submitting tax forms.
This first round of payments will only apply to the convenience classes, with FTX noting that separate records and payment dates for other classes of claims will be announced later.
The court-approved reorganization plan, finalized in October 2024, received overwhelming support from creditors, who stand to recover an average of 119% of the value of their claims. Furthermore, under the terms of the initiative, some
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