FTX’s Bahamian liquidators have told creditors that they will likely have an extra 10-12 weeks until at least end-July to submit proof of what the imploded crypto exchange owes them.
Brian Simms KC, the Lennox Paton senior partner, and Kevin Cambridge and Peter Greaves, the PricewaterhouseCoopers (PwC) accounting duo, confirmed in a letter to former investors and clients that the original May 15 deadline to submit claims – which expired on Wednesday – has been extended by at least two-and-a-half months.
“We had initially set a bar date of May 15, 2024, for submitting proof of debt forms in The Bahamas’ process. The bar date is intended to represent the last date that customers of FTX.com (or FTX International) can lodge a claim and be eligible to participate in The Bahamas’ process,” the wrote.
“The bar date will be extended to a date and time that is aligned with the voting deadline for creditors to approve a Chapter 11 reorganisation plan in the US process. Although a new bar date has not yet been fixed, the joint official liquidators of FTX Digital Markets expect the bar date to be towards the end of July, or early August, giving customers at least a further 10-12 weeks to submit a claim in The Bahamas process.”
The extension has been granted because John Ray, the FTX US chief in charge of 134 entities presently in Chapter 11 bankruptcy protection in Delaware, and his team have yet to obtain US court and investor/creditor approval of their reorganisation plan for the crypto exchange.
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