August 21 Deadline for LUNC Crypto Loss Claims in Terraform Labs Chapter 11 Plan
- Terraform Labs has set August 21, 2024, as the deadline for filing Preliminary Crypto Loss Claims to vote on their Chapter 11 Plan.
- Crypto loss claims must be in USD, signed under perjury risk for Terraform Labs’ restructuring.
- Missing the August 21 deadline risks exclusion from voting rights on the Chapter 11 Plan.
Don’t miss your chance to vote on Terraform Labs’ Chapter 11 Plan: Submit your Preliminary Crypto Loss Proof of Claim by August 21, 2024.
Terraform Labs Establishes Deadline for Filing Crypto Loss Claims
In a significant move, Terraform Labs has announced that creditors must file their Preliminary Crypto Loss Proof of Claim forms by August 21, 2024. This is a crucial step for creditors who wish to participate in voting on the proposed Chapter 11 Plan. The restructuring plan aims to include all interested parties and ensure they receive their fair share from the crypto loss claims pool, if applicable.
Specific Requirements and Legal Implications
According to the notice, claims must be filed in U.S. dollars, and the claimants are required to sign under the risk of perjury, stressing the legal seriousness of the filing. This measure aims to maintain the integrity of the claims process, which is vital for a transparent and fair restructuring process. Terraform Labs Pte. Ltd. and Terraform Labs Limited have both filed for Chapter 11, demonstrating their intent to reorganize their financial obligations efficiently.
Eligibility Criteria for Claim Submission
All entities with losses due to dealings with Terraform Labs before the petition dates must file their claims to vote on the Chapter 11 Plan. The term ‘claim’ broadly covers contested, uncontested, liquidated, unliquidated, and potential payment claims. Exceptions include claims already filed, those allowed by court order, paid claims, and inter-entity claims within Terraform Labs.
Submission Guidelines and Procedures
The procedures for filing claims are meticulously detailed. Claims should be in English, valued in U.S. dollars as of the petition date, and must be sworn under penalty of perjury. While electronic filing is recommended via Epiq’s website, paper submissions through mail or courier are also acceptable. It’s important to note that fax or email submissions are not allowed unless through the designated electronic means.
Conclusion
The August 21, 2024, deadline set by Terraform Labs for filing Preliminary Crypto Loss Claims is crucial for creditors wishing to vote on the Chapter 11 Plan. By adhering to the specified guidelines and procedures, claimants can ensure their voices are heard in the restructuring process. This pivotal move by Terraform Labs aims to ensure transparency, fairness, and an orderly reorganization of their financial obligations.
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