- Terra Luna Classic has set a Preliminary Crypto Loss Bar application date.
- TFL and TLL cases have been scheduled for August 21, 2024.
- The Preliminary Crypto Loss Claim Bar Date will cover only Chapter 11 plan voting.
Terra Luna Classic, the crypto firm behind the Terra stablecoin collapse, has set a deadline of August 21st for community members to file claims related to their crypto losses. This deadline is specifically for those seeking to participate in the Chapter 11 bankruptcy voting process, which is scheduled to begin later this year.
The firm has emphasized that this preliminary deadline does not guarantee compensation, but it will influence who can vote on the proposed restructuring plan.
To participate in the upcoming Chapter 11 bankruptcy vote, Terra Luna has instructed users who suffered losses from Terraform Labs Pte Ltd (TFL) before January 21, 2024, or Terraform Labs Limited (TLL) before July 1, 2024, to file their claims by the August 21st deadline.
It is important to note that this deadline only determines who can vote on the proposed restructuring plan. The actual distribution of any recovered assets will be determined later in the bankruptcy process.
In an earlier announcement, Terra Luna highlighted other crucial dates in the bankruptcy procedure, including January 1 and July 1, when TFL and TLL initiated their voluntary court cases. The firm further noted that the debtors filed for the Chapter 11 plan of liquidation of Terraform Labs Pte Ltd. and Terraform Labs Limited on June 30. According to the crypto firm, the current plan provides for and contemplates a mechanism to only make distributions to holders of Crypto Loss Claims.
For emphasis, Terraform Labs clarified that August 21 remains the deadline for individuals or entities wishing to file a proof of claim in respect of a Crypto Loss Claim arising before the applicable petition date solely for voting on the plan.
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