FTX Trading Ltd. Chapter 11 Plan of Reorganization

FTX Trading Ltd. and its affiliated debtors have announced the effectiveness of their Chapter 11 Plan of Reorganization, set for January 3, 2025. This development sets the stage for initial distributions to holders of allowed claims within the Plan's Convenience Classes, expected to occur within 60 days after the effective date.

This announcement marks a significant milestone for the company as it navigates through bankruptcy proceedings. FTX Debtors' CEO John J. Ray III highlighted the team's diligent efforts to recover billions of dollars, leading to this pivotal moment. Ray emphasized the importance of customers completing the necessary steps to ensure prompt receipt of their distributions.

To facilitate distributions to retail and institutional customers as well as other creditors, FTX has partnered with BitGo and Kraken. These companies will assist in distributing recoveries in supported jurisdictions, in accordance with the Plan.

The Initial Distribution is limited to the Convenience Classes, with further announcements regarding record and payment dates for other claims classes to follow. This news is based on a press release from FTX, outlining the current status and future steps in the company's reorganization process.

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