As an FTX customer or creditor, you may have received notifications regarding the Chapter 11 Plan. As part of the ongoing communications sent to customers or creditors, you may have received a Disclosure Statement and a Solicitation Package with Ballot and Confirmation Hearing Notice or a Notice on Non-Voting Status.
What is the Disclosure Statement?
The Disclosure Statement is submitted in line with the requirements of the U.S. Bankruptcy Code. It contains detailed information regarding the Chapter 11 Plan so that, if applicable, you can make an informed judgment regarding the acceptance or rejection of the Plan of Reorganization.
The Disclosure Statement includes the following information:
i) Who can vote on or object to the Plan;
ii) The proposed treatment of your Claim (i.e., what you will receive as a Plan distribution on account of your Allowed Claim if the Plan is confirmed by the Court and becomes effective);
iii) The Debtors’ history and significant events leading up to and during the Chapter 11;
iv) What the U.S. Bankruptcy Court will consider when deciding whether to confirm the Plan;
v) The effect of Plan confirmation; and
vi) The feasibility of, and risks related to, the Plan.
Am I entitled to vote on the plan?
The deadline for completing the ballots was on August 16, 2024 at 4:00 PM Prevailing Eastern Time. Your ability to vote, would have depended on what type of Claim or Interest you hold. All holders of Claims and Interests are grouped in categories called a Class, and each Class will have their respective voting statuses. Depending on the type of Claim or Interest, you may fall under multiple Classes or you may also hold Claims or Interests across multiple Classes. You can find information about which Class/es you fall under in the Solicitation Packet or in the FTX Voting page (Step 6) of the FTX Claims Portal.
Is voting required and do I have to vote in all of the elections?
Voting is not required. Your Claim will not be impacted if you decide not to vote or make any of the available elections.
I am entitled to vote. What do I need to do?
The deadline for completing the ballots was on August 16, 2024 at 4:00 PM Prevailing Eastern Time. The Disclosure Statement and Plan was made available before voting.
I received a Notice of Non-Voting Status. What should I do?
If your claim or interest is deemed to reject the Plan, your Notice of Non-Voting Status included release opt-in forms. This opt-in form was made available to grant releases for third parties.
When is the deadline for casting my vote?
The deadline by which all ballots must be properly executed, completed, and delivered so that they are actually received by Kroll was on August 16th 2024.
How do I know that my vote has been received?
After submitting your vote, you would have received an email confirmation from Kroll. If you voted electronically, you will see information under the Solicitation Status section on Step 6 Voting.
Email confirmation was only be provided to those who cast their vote on the FTX Customer Kroll E-Ballot Portal, which was accessible on Step 6. Claimants who submitted a paper ballot via mail, would not have received an email confirmation nor will they see the status in the FTX Claims Portal.
Note that eligible customers were able to choose to change their vote by visiting the FTX Voting page again. Only the last vote cast prior to the voting deadline was counted.
How to Check Solicitation Status
There are 2 ways to check on your Solicitation Status:
- If you have cast your vote via the FTX Claims Portal, your Solicitation Status will be reflected on a table found on Step 6 of the FTX Claims Portal. This contains your Plan Class, Vote Status and Submission Date.
- If you have cast your vote via the Kroll Portal, you will see your Solicitation Status on the Kroll Portal. If you need further assistance with this option, please reach out to the Kroll team at FTXInfo@ra.kroll.com.
Please note that users who submitted their votes via mail (paper ballots) would not be able to see their Solicitation Status as these are manually tabulated.
How is a decision made based on the balloting?
Kroll, as the tabulation agent, collected and tabulated the ballots. Acceptance/rejection results were based on each class specified in the Plan. In order for the Plan to be approved by a class, at least 2/3 in amount and more than ½ in number of allowed claims in the class that cast ballots must vote in favor of the Plan.
After the ballots were tabulated, a Confirmation Hearing will be conducted by the bankruptcy court.