Collapsed crypto change FTX mentioned on Saturday it has launched a strategic assessment of its world property and is making ready for the sale or reorganization of some companies.
FTX, together with about 101 affiliated corporations, additionally sought court docket aid to permit the operation of a brand new world money administration system and cost to its important distributors.
Why FTX’s collapse conjures nightmares from 2008′s world monetary disaster – and fears of crypto pyramid schemes
The change and its associates filed for chapter in Delaware on Nov. 11 in one of many highest-profile crypto blowups, leaving an estimated 1 million prospects and different traders going through complete losses within the billions of {dollars}.
FTX will discover gross sales, recapitalizations or different strategic transactions for a few of its models, the corporate’s new Chief Government officer John Ray mentioned in an announcement.
In a court docket submitting on Saturday FTX requested for permission to pay prepetition claims of as much as $9.3 million to its important distributors after an interim order and as much as $17.5 million after the entry of the ultimate order.
The change mentioned that if it fails to obtain the requested court docket aid, it’s going to lead to “quick and irreparable hurt” to its companies.
“Based mostly on our assessment over the previous week, we’re happy to be taught that many regulated or licensed subsidiaries of FTX, inside and out of doors of the USA, have solvent steadiness sheets, accountable administration and useful franchises,” FTX’s Ray mentioned.
FTX has recognized 216 debtor financial institution accounts with constructive balances as of Nov. 16, however has solely been in a position to confirm the balances in 144 accounts to date, the corporate mentioned in a separate court docket submitting.
The corporate has appointed Perella Weinberg Companions LP as its lead funding financial institution to assist with the sale course of, topic to court docket approval.
