Terraform Labs Opens Bankruptcy Claims Portal for Creditors
Terraform Labs launches a claims portal for creditors, with submissions open until April 30 as part of its reorganization plan.
- Terraform Labs opens its claims portal on March 31 for crypto creditors.
- Creditors have until April 30 to submit claims through the portal.
- The firm plans to repay between $185 million and $442 million.
Terraform Labs is set to open its Crypto Loss Claims Portal on March 31, 2025, providing eligible creditors a platform to submit claims related to the company’s bankruptcy proceedings. Creditors must register and submit their claims through the portal before the deadline on April 30, 2025.
This move is a part of Terraform Labs’ efforts to reorganize and address outstanding financial obligations. The company, which faced significant challenges following the collapse of its algorithmic stablecoin TerraUSD (UST) and its companion token LUNA, has committed to a repayment plan ranging between $185 million and $442 million.
How to Submit Claims
Eligible creditors will need to create an account on the Crypto Loss Claims Portal. Once registered, they can upload the necessary documents to validate their claims. It’s crucial for creditors to ensure all information provided is accurate and complete to avoid potential delays in the claims process.
Terraform Labs has emphasized that the claims submission process will be transparent and streamlined, aiming to restore confidence among stakeholders. The final settlement amount will depend on the total number of claims submitted and validated.
What’s Next for Terraform Labs?
Following the completion of the claims process, the company will proceed with its court-approved reorganization plan. Terraform Labs remains focused on settling its obligations and potentially rebuilding its business operations. Industry observers will be watching closely to see how the firm navigates the repayment process and its future business decisions.
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