NASSAU, BAHAMAS — FTX customers who have not yet submitted a Proof of Debt claim in The Bahamas process have until mid-August to do so, according to the Joint Official Liquidators. The US Bankruptcy Court is scheduled to hear the Chapter 11 Debtors’ Reorganisation Plan on June 25th.
In a recent update to FTX customers, the Joint Official Liquidators stated: “For those customers who submitted a Proof of Debt claim in the Bahamas Process, we will shortly be writing to you to confirm that you wish to continue to have your claim administered, processed, adjudicated, and settled in The Bahamas. For those customers who have not yet submitted a Proof of Debt claim in the Bahamas Process, you will be able to do so up to the claim bar date, currently anticipated to be mid-August 2024.”
They further added: “Dates and next steps will be confirmed by us in writing after the Chapter 11 Debtors’ Reorganisation Plan is approved in court. The current scheduled date for the hearing of the Plan in the US Bankruptcy Court is 25 June 2024.”
The cutoff period for accepting creditor claims in The Bahamas must align with that of John Ray, the FTX US chief overseeing 134 entities currently under Chapter 11 bankruptcy protection in Delaware, as per the terms of a global settlement agreement concluded with the local liquidation team.
Under this agreement, both FTX’s Bahamian liquidators and Mr Ray are consolidating all recovered assets into a unified fund to compensate creditors uniformly, regardless of whether claims are filed locally or in the US. Consequently, both parties are coordinating closely to synchronize their respective claim acceptance deadlines and payout processes.
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