Bankrupt crypto exchange FTX begins strategic review of global assets to cushion stakeholder losses.
Official documents filed with the U.S. Bankruptcy Court. Source: Kroll
SBF’s replacement, CEO John J. Ray III, confirmed that FTX affiliates have solvent balance sheets, which could be sold or restructured to cut losses. While highlighting that some subsidiaries, such as crypto exchange LedgerX, are exempted as debtors in the bankruptcy filing, he added: “Either way, 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.”
Moreover, FTX debtors have parallelly filed motions seeking interim relief from the bankruptcy court, which is slated to be heard on Nov. 22, 2022. While no deadline for sale or restructuring has been set, Ray requested all stakeholders “to be patient.”On Nov. 19, the law firm assisting FTX and SBF amid bankruptcy backed off from representing the entrepreneur, citing conflicts of interest.“We informed Mr.
Flumenbaum believed that Sam Bankman-Fried’s “incessant and disruptive tweeting” negatively impacted the reorganization efforts of the lawyers.
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