According to an announcement from Teneo, which was appointed by the British Virgin Islands court as liquidator of Three Arrows Capital (TAC), non-filing creditors have less than a month left to submit claims.. Lenders who have already submitted an application but have not received a confirmation letter or receipt should also contact Teneo regarding this issue.
The liquidator did not name the exact amount that will be distributed among creditors as interim dividends. The company plans to begin disbursing funds approximately March 31, 2024.
“Creditors who have not submitted an application and have not received confirmation of their claim or a letter of decision must send 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 have received about 46% of their claims in December 2023, bringing the total assets recovered to $1.16 billion at that time.. Teneo also predicts that the total payout to be distributed will be $2.7 billion, 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.