Expects Plan of Reorganization to be Effective Early January 2025; Distributions to Begin No Later than 60 Days Thereafter

WILMINGTON, Del., Nov. 21, 2024 /PRNewswire/ — FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (“FTX” or the “Debtors”) today announced that FTX is nearing completion of the final prerequisites for its Court-approved Chapter 11 Plan of Reorganization (the “Plan”) to become effective, paving the way for FTX to begin creditor and customer distributions.

John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, said: “We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers. While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”

FTX provided the following updates on the expected timeline for distributions:

Customers should be aware that in order to be eligible to receive a distribution on the Initial Distribution date, customers must establish an approved account with a Distribution Agent, complete KYC verification and submit the required tax forms prior to the distribution record date.

Claims traders should be aware that, pursuant to Section 7.4.1 of the Plan, claims traded within the 45-day period prior to the distribution record date may not be reflected on the claims register by the close of business on the distribution record date, and it is possible that distributions on these claims may be made to the transferor.

Bankruptcy Court filings, including the Plan, Confirmation Order and other documents related to the Court proceedings are available at https://cases.ra.kroll.com/FTX/.

Advisors

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.

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SOURCE FTX