PANews reported on November 22 that according to an announcement by FTX, the company expects its bankruptcy reorganization plan to take effect in early January 2025 and will initiate the first distribution procedure within 60 days. FTX CEO and Chief Restructuring Officer John J. Ray III said that the company has recovered billions of dollars for creditors and customers and is working with the distribution agent to advance the distribution work as soon as possible.
FTX's updated schedule shows that the cooperation arrangement with the distribution agent will be completed in early December, after which customers can establish a distribution account through the existing platform and complete KYC verification and tax form submission. The specific effective date will be announced at the end of December, and the initial distribution will be paid first to "convenient category" holders. It should be noted that claims traded within 45 days of the distribution record date may result in a delay in the distribution to the original creditor.
