Most Of FTX Subsidiaires Are Solvent, Claims FTX New CEO
FTX CEO Mr. John J. Ray, III releases a strategic review report on their global assets. After filing for Chapter 11 bankruptcy, FTX attempts to optimize reclaimable value for stakeholders.
As per the reports, FTX Trading Ltd. (d.b.a. FTX.com) and approximately 101 additional affiliated companies (collectively, the “FTX Debtors”) initiated a strategic review of their various asset classes today.
FTX CEO shares good news related to FTX balance sheet
FTX CEO expressed his joy and highlighted most of FTX’s regulated or licensed subsidiaries both inside and outside of the US, have solvent balance sheets, responsible management, and valuable franchises. He also mentioned two of the FTX subsidiaries company naming LedgerX LLC and Embed Clearing LLC are not debtors in chapter 11 cases.
FTX new CEO also highlighted the list of insolvent subsidiaries which are FTX Japan KK, Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.Ş., FTX EU Ltd, FTX Exchange FZE, and Zubr Exchange Ltd.
Other subsidiaries – such as FTX Japan KK, Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.Ş., FTX EU Ltd, FTX Exchange FZE and Zubr Exchange Ltd – are debtors. In addition to this he asserted, “it will be a priority of ours in the coming weeks to explore sales, recapitalizations or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues.”
FTX CEO urges customers and government stakeholders to be patient
FTX’s new CEO also ensured that the FTX Debtors team is putting the preservation of franchise value as high on the priority list. In addition to this, he also urged the employees, vendors, customers, regulators, and government stakeholders to be patient with FTX.
Notably, the FTX Debtors filed a number of motions with the Bankruptcy Court today, seeking interim relief from the Court that, if granted, would allow the operation of a new global cash management system as well as the payment of critical vendors and vendors at foreign subsidiaries in the ordinary course.
On Tuesday, November 22, 2022, a hearing has been scheduled. Moreover the team has not set a specific completion date for this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.
- VanEck Submits Preliminary Prospectus for Lido Staked Ethereum ETF with US SEC
- TRUMP Coin Treasury Adoption Grows as $1.4B Newsmax Launches Monthly Accumulation Plan
- Just In: 21Shares Applies for 2x HYPE ETF to Double Exposure to Hyperliquid
- BREAKING: Ripple Plans a New $1 Billion XRP Treasury – Bloomberg
- Gold vs Bitcoin – Peter Schiff Declares BTC Has Failed as Digital Gold, CZ Reacts
- Ethereum Price Prediction: Analyst Identifies MACD Bearish Pattern Despite $417M BitMine Buy
- Analyst Predicts XRP Price Crash to $2 as Open Interest Falls, Death Cross Nears
- Dogecoin Price Eyes $0.40 Rally as Thumzup Integration Boosts Utility
- Pi Coin Price Gears for Recovery as DEX and AMM Launch Revives Utility Hopes
- Cardano Price Teeters as Whales Exit and Bearish Signal Emerges
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
