FTX Extends the Deadline for Creditors to Submit Claims, Why?

Bittime - Bankruptcy company FTX, through an email sent to FTX creditors, announced that they would extend the deadline for filing creditor claims until the end of July or early August.

Extension of Filing of FTX Creditor Claims

Initially, May 15 2024 was the deadline for creditors to submit their claims. However, today, FTX announced an extension of filing claims for FTX creditors.

This extension was carried out so that the date for filing claims by FTX creditors could be aligned with the creditor voting deadline in the Chapter 11 process in the United States. The Chapter 11 process is a reorganization scheme for bankrupt companies so they can operate again.

Source: Incrypted.com

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New Deadline for Filing FTX Creditor Claims

According to FTX, approval of the Chapter 11 reorganization plan is expected to be completed at the end of July or early August.

Thus, this extension of the deadline for submitting claims gives creditors at least 10-12 weeks to submit their claims.

Opportunity to Participate in the Liquidation Process

Apart from extending the deadline, FTX also conveyed other important information. FTX's creditors are given the opportunity to participate in the liquidation process taking place in the Bahamas or the United States.

However, it should be noted that creditors cannot participate in both places simultaneously so they must choose only one.

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Opportunities for FTX Creditors

FTX promises to provide further information to users in June 2024, regarding the final selection of participation in the liquidation process in the Bahamas or the United States.

After receiving the information, users will have 6-8 weeks to make their final choice.

This extension of the deadline for submitting claims certainly provides respite for FTX creditors. It is hoped that with this extension, more creditors will be able to submit claims and participate in the liquidation process.

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Also Read: 

FTX Bankruptcy: New Hope for Creditors, Claim Value Soars 93%

Bankruptcy Company FTX Plans to Start Paying Creditors Before the End of 2024

FTX: A Glimmer of Hope for Creditors in the Midst of Bankruptcy, Bonus Reaches 100%?

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