Non-filing creditors have less than a month left to submit claims, according to an announcement from Teneo, which was appointed by the British Virgin Islands court as liquidator of Three Arrows Capital (TAC). Lenders who have already submitted an application but have not received a confirmation letter or receipt should also contact Teneo regarding this matter.
The liquidator did not specify the exact amount that will be distributed to creditors as interim dividends. The company plans to begin disbursing funds approximately March 31, 2024.
“Creditors who have not submitted an application or have not received confirmation of their claim or letter of determination must submit information with their names and addresses no later than March 14, 2024. This information should include details of debts and claims, as well as the names and addresses of their lawyers, if any,” Teneo announced.
The company estimates that creditors could receive about 46% of their claims in December 2023, bringing the total amount recovered at that time to $1.16 billion. Teneo also forecasts that the total amount to be distributed would be $2 .7 billion, which is far less than the $3.4 billion reported in the 154 claims.
Recall that the cryptocurrency hedge fund Three Arrows Capital filed for bankruptcy on July 1, 2022 due to the collapse of the Terra ecosystem in May of the same year. The hedge fund managed assets worth more than $10 billion. Previously, its co-founders, Kyle Davies and Su Zhu, deliberately hid from the liquidators, ignoring their obligations. In October 2023, Suu Zhu was arrested in Singapore while trying to leave the country.
Source: Bits
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