In an attempt to treat confusion on a large scale, Sunil Kavuri intervened, a known creditor in FTX and clarifying the payment schedules and correct details of FTX creditors. According to Kavuri, the first FTX distribution will take place on February 18, 2025 at 10 pm East time, covering claims less than $ 50,000 with total payments of about $ 1.2 billion, which represents a 119 % recovery. It is worth noting that $ 345 million is still not required due to the verification of the suspended Kyc.
As for the demands of more than $ 50,000, the total of more than $ 17 billion, the initial payment of $ 7 billion will be distributed in stages, starting from the second quarter of 2025, although a specific date is not specified.
By filtering wrong information, it is important to note that payment of the amount of $ 7 billion will not happen next week, as shown previously. Instead, the first distribution of $ 1.2 billion will be on February 18, 2025.
Recovery details and distribution plan
According to the FTX creditors ’recovery summary, administrative claims, tax demands and fully guaranteed demands will be covered. The total creditor recovery is estimated at 123 % to 138 %, and Dotcom and US agents will see recovery operations ranging from 126 % to 140 % and 123 % to 131 %, respectively.
The stock exchange will allocate funds based on the already defined claims. Dotcom’s customers maintain the largest claims, which are worth $ 7.995 billion, while customers in the United States are demanding $ 8.836 billion. Chapter Calculations will receive a fixed percentage percentage, with additional funds of asset recovery efforts.
Initial payment distributions and future distributions
The first stage of distribution is looking for guaranteed and priority claims. This will ensure the provision of immediate relief to the affected creditors. The remaining funds will be released through multiple stages in the coming months, depending on the recovery of stolen assets and the remaining holdings.
On the other hand, creditors have raised concerns about the use of November 2022 prices. The prices at that time have been very low and prices have now increased significantly since bankruptcy. For this, the FTX restructuring team emphasizes that this approach will guarantee a fair and transparent distribution.
As the stock exchange progresses in the payment plan, creditors will closely search for developments to ensure that this process takes place in accordance with the legal and financial obligations submitted.
conclusion
The FTX payment schedule is clarified, the widespread wrong information processing. The corrected details confirm that the first distribution of $ 1.2 billion will take place on February 18, 2025, which covers the claims less than $ 50,000, while larger claims will be paid in stages starting in the second quarter of 2025.
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