Beleaguered FTX Trading Ltd. and 101 other affiliated firms or FTX debtors announced that it initiated a strategic review of its global assets as a part of the Chapter 11 bankruptcy process.
According to the press release, the strategic review is started to maximize recoverable value for stakeholders.
The FTX Debtors have begun the process of preparing some companies for sale or restructuring, and they have retained the services of Perella Weinberg Partners LP (PWP) as the main investment bank for this endeavor.
However, the court’s permission is required before PWP may be used for any subsequent actions. In addition to this, Kroll has been selected to serve as the claims agent for the FTX Debtors.
According to John J. Ray III, the new chief executive officer of FTX, several of FTX’s regulated or licensed companies have healthy balance sheets. He also said that the bankruptcy case does not include any of the company’s subsidiaries, such as LedgerX and Embed Clearing.
In an attempt to get temporary relief, the FTX Debtors have filed a series of motions with the bankruptcy court.
If this request were to be approved, it would make it possible to implement a brand-new worldwide cash management system and maintain consistent payments to critical suppliers as well as vendors located in overseas subsidiaries. The 22nd of November, 2022 has been set aside for the hearing that has been planned.
The FTX Debtors have not established a deadline for this process, and they do not intend to publish any new developments until they have decided that doing so is appropriate or essential. The FTX Debtors have no intention of publishing any new developments until they have decided that doing so is appropriate or essential.
Ray noted, “I respectfully ask all of our employees, vendors, customers, regulators, and government stakeholders to be patient with us as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our chapter 11 cases.”
Compiled by Coinbold
