FTX Sets January 3, 2025, as Effective Date for Chapter 11 Plan, Initial Distribution to Follow

Dec 16, 2024, 05:43 PM

FTX Trading Ltd., along with its affiliated debtors, has announced that its Chapter 11 Plan of Reorganization will become effective on January 3, 2025, which also serves as the initial distribution record date for holders of allowed claims in the Plan's Convenience Classes. The initial distribution is expected to occur within 60 days of the effective date, subject to know-your-customer and other distribution requirements. FTX has entered into agreements with BitGo and Kraken to assist in distributing recoveries to both retail and institutional customers and other creditors in supported jurisdictions. John J. Ray III, CEO of the FTX Debtors, stated that the team has successfully recovered billions of dollars and is well-positioned to begin executing the distribution of recoveries back to all customers and creditors. The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel, and Landis Rath & Cobb LLP as Delaware counsel.