Finance

"FTX Extends Claims Deadline for Creditors to Late July, Aligns with Chapter 11 Voting Schedule"

FTX, the cryptocurrency exchange currently undergoing Chapter 11 reorganization, has announced an extension of the deadline for its creditors to file claims. The new deadline is set for the end of July 2024, pushed back from the original date of May 15, 2024. This extension provides creditors with an additional 10 to 12 weeks to submit their claims.

The decision to extend the deadline is intended to align it with the voting deadline for creditors to approve FTX’s Chapter 11 reorganization plan in the United States. According to an email sent by FTX to its customers, "The bar date will be extended to a date and time that is aligned with the voting deadline for creditors to approve a Chapter 11 reorganization plan in the US process."

This alignment is seen as a strategic move to streamline the reorganization process and ensure that all creditors have ample time to participate fully in the voting process. FTX liquidators expect the final voting date to occur in late July or early August, indicating a coordinated effort to manage the bankruptcy proceedings efficiently.

Furthermore, FTX has provided its customers with the option to participate in the lawsuit either in the Bahamas or the United States, although they cannot participate in both jurisdictions simultaneously. This decision underscores the complex legal landscape FTX navigates as it deals with proceedings in multiple jurisdictions.

In June 2024, FTX plans to inform its users about the results of their participation in either the Bahamian or US lawsuits. Following this update, creditors will have a six to eight-week window to make their final decisions regarding their participation in the reorganization process.

This extension and the additional information provided by FTX are critical for creditors as they decide how to proceed with their claims against the exchange. By offering more time and clarity on the process, FTX aims to ensure that all involved parties are well-informed and able to make decisions that best suit their interests in this complex legal affair.

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