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 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’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.
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