Terraform Labs Pte. Ltd. and Terraform Labs Limited have informed creditors about submitting claims for crypto losses in their Chapter 11 bankruptcy cases. Creditors must file their Preliminary Crypto Loss Proof of Claim forms by August 21, 2024, to vote on the Chapter 11 Plan.
This process allows stakeholders to participate in the restructuring plan and potentially receive distributions from the crypto loss claims pool. Terraform Labs voluntarily filed for Chapter 11 on January 21, 2024, and July 1, 2024.
Creditors, including individuals and entities, must file claims to vote on the plan. Claims encompass a broad range of payment rights, whether contested or not. Exceptions include those who have already filed claims in a similar form or do not wish to vote.
Claims must be in English, expressed in U.S. dollars, and submitted under penalty of perjury through Epiq’s website or by mail. Missing the deadline means losing the right to vote. Previously, the General Bar Date was set for August 9, 2024.
This update is crucial for ensuring creditor participation in the restructuring process, reflecting the strategic importance of inclusive stakeholder engagement.
