FTX restructuring plan advances, creditor distribution to start in early 2025

According to the Associated Press, FTX Trading Ltd. and its affiliated debtors have announced that they are about to complete the final conditions precedent to their Chapter 11 reorganization plan, which is scheduled to take effect in early January 2025, paving the way for distributions to creditors and customers. CEO John J. Ray III stated that the initial distributions will be made within 60 days of the plan's effective date, and customers will need to establish accounts with the distribution agent and complete KYC verification. FTX expects to reach an agreement with the distribution agent in early December and announce the specific effective date by the end of December, while continuing to pursue the recovery of claims.