Despite reports on social media that bankrupt crypto exchange FTX plans to start repaying creditors and customers on September 30, this does not appear to be true, as the repayment plan has not yet been approved by the court.
The next court hearing to confirm the restructuring plan is scheduled for October 7, according to the updated Chapter 11 filing.
Judge John T. Dorsey of the US Bankruptcy Court for the District of Delaware will preside over the hearing.
If approved, claimants with claims under $50,000 will be able to begin receiving payments in late 2024, while those with higher claims will have to wait until the first or second quarter of 2025.
FTX creditors, led by Sunil Kavuri, have raised objections to the reorganization plan on several grounds.
These include a request for in-kind rather than cash asset compensation and opposition to the potential tax consequences of a cash payment.