Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing to sell or reorganize some companies.
FTX, along with approximately 101 member companies, also sought legal assistance to enable the operation of a new global cash management system and payment to its critical suppliers.
The exchange and its affiliates filed for bankruptcy on November 11 in Delaware in one of the most high-profile crypto bursts, leaving an estimated 1 million clients and other investors with total losses in the billions of dollars.
FTX filed a lawsuit on Saturday for permission to pay preliminary claims of up to $9.3 million (nearly Rs. 75 crore) to its critical suppliers following an interim order and up to $17.5 million (nearly Rs. 140 crore) after the entry of the final order.
The exchange said that if it does not receive the requested judicial relief, it will result in “immediate and irreparable harm” to its businesses.
“Based on our research last week, we are pleased to learn that many of FTX’s regulated or licensed subsidiaries, inside and outside the United States, have strong balance sheets, responsible management and valuable franchises,” said John, the new Chief Executive Officer. from FTX. Ray said.
The company has appointed Perella Weinberg Partners LP as its lead investment bank to assist in the sale process, subject to court approval.
“I respectfully ask all of our employees, vendors, customers, regulators and government stakeholders to bear with us as we make the arrangements that corporate governance failures at FTX prevented us from making before filing our Chapter 11 cases, Ray said.
© Thomson Reuters 2022