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FTX Trading plans to investigate global assets of failed cryptocurrency exchanges, team responsible for bankruptcy process of bankrupt companies Said Saturday.
According to a press release, FTX.com and approximately 101 affiliates (collectively, “FTX Debtors”) are conducting a strategic review of all global assets of the insolvent company.
The exercise is part of a broader Chapter 11 process aimed at maximizing asset recovery and delivering as much value as possible to FTX stakeholders, the companies said in a statement. increase.
These were the sentiments of FTX’s new CEO, John J. Ray III.
Ray is a prominent bankruptcy attorney who took over from Sam Bankman-Fried as CEO last week. In a statement released on Saturday, he said the review would take note of the fact that some of FTX’s subsidiaries are solvent.
“Based on last week’s review, we are pleased to learn that many of FTX’s subsidiaries, both domestically and internationally, have healthy balance sheets, responsible management, and valuable franchises.” said Ray.
As such, some affiliates such as LedgerX (acquired by FTX in 2021) and Embed Clearing (a company successively acquired by FTX in 2022) are not debtors. However, other companies such as Japanese cryptocurrency exchange Liquid and FTX Turkey are part of the bankruptcy case as debtors.
FTX has hired Perella Weinberg Partners LP as its lead investment bank as it looks to sell some of its businesses and reorganize others. However, his FTX involvement with investment banking advisors is pending court approval.
