No, FTX distribution payments do not begin on September 30
According to the FTX bankruptcy estate, total claims from injured parties top $11 billion, as a court hearing to confirm the plan looms.
Rumors are circulating on social media that the FTX bankruptcy estate will begin distributing reimbursement funds to creditors and customers on September 30, 2024. However, the rumors are false, as the reimbursement plan has not yet been approved by a court of law.
According to the updated Chapter 11 filing, the next court hearing to confirm the restructuring plan is October 7, 2024. Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware will oversee the hearing.
If the plan is approved, smaller claimants with claims under $50,000 may begin receiving distributions by the end of 2024. Litigants with larger claims may not see distributions until the first or second business quarters of 2025.
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Author: Vince Quill
