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FTX Creditors' Representative: FTX Applies to Court for Implementation of 'Restricted Processing Procedure' in 49 Jurisdictions, Creditors Will Lose Distribution Rights
Summary: According to reports, FTX creditors' representative Sunil announced that FTX has applied to the court for approval to implement a new 'restricted processing procedure' in 49 restricted jurisdictions (including China). FTX will seek legal advice and if distribution can be made to potential restricted jurisdictions, normal compensation will be issued. Otherwise, the restricted processing procedure ...
According to reports, FTX creditors' representative Sunil announced that FTX has applied to the court for approval to implement a new 'restricted processing procedure' in 49 restricted jurisdictions (including China). FTX will seek legal advice and if distribution can be made to potential restricted jurisdictions, normal compensation will be issued. Otherwise, the restricted processing procedure will be initiated, and creditors will lose distribution rights. These restricted jurisdictions account for approximately 5% of the total debt, with Chinese creditors representing 82% of the debt value.
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Link: FTX Creditors' Representative: FTX Applies to Court for Implementation of 'Restricted Processing Procedure' in 49 Jurisdictions, Creditors Will Lose Distribution Rights [Copy]
