Terraform Labs Creditors Must File Loss Claims By August 21, 2024, To Vote On Chapter 11 Plan

Terraform Labs Pte. Ltd. and Terraform Labs Limited have provided notice to creditors on how to file claims for crypto-related losses in Chapter 11 bankruptcy cases. Creditors must file their preliminary cryptocurrency loss claim forms by August 21, 2024 to be included among those voting on the proposed Chapter 11 Plan.

The claims process is intended to allow all interested parties to participate in the restructuring plan and, if applicable, receive payment from the cryptocurrency loss claims pool. Terraform Labs Pte. Ltd. and Terraform Labs voluntarily filed Chapter 11 cases on January 21, 2024 and July 1, 2024. The notice also emphasizes the need to follow specific rules for filing claims, as otherwise creditors may be disqualified from voting on the plan.

Each of the Creditors who suffered losses as a result of dealings with the Debtors prior to the petition filing date must file a claim if they want to vote on the plan. Exceptions to the presentation of proof of claim include persons who have already filed their claims in a form substantially similar to this form, claims already satisfied by a court order, paid claims of Debtors, claims between Terraform Lab entities and those who do not wish to exercise their right to vote on the plan.

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