United States: Collapsed cryptocurrency exchange FTX announced on Saturday that it has begun a strategic review of its worldwide assets and is getting ready to sell or reorganize some businesses.
In order to enable the operation of a new global cash management system and its required vendor payments, FTX and approximately 101 affiliated firms also requested court relief.
On November 11, in one of the most publicized crypto meltdowns, the exchange and its affiliates filed for bankruptcy in Delaware, losing billions of dollars to an estimated 1 million customers and other investors.
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In a court filing on Saturday, FTX requested authorization to pay prepetition claims of up to $17.5 million (roughly Rs. 140 crores) after entry of the final order and up to $9.3 million (roughly Rs. 75 crores) after it is issued. Order issued. Interim orders to its key vendors.
The exchange claimed that its businesses would suffer "immediate and irreparable damage" if the requested court relief was not granted.
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John Ray, FTX's new Chief Executive Officer, said, “Based on our review over the past week, we are pleased to learn that several regulated or licensed subsidiaries of FTX, both within and outside the United States, have solvent balance sheets, Responsible management and valued franchisee."
Subject to court approval, the company has selected Perella Weinberg Partners LP as its lead investment bank to assist with the sale process.
Ray said, “I respectfully ask all of our employees, vendors, customers, regulatory and government stakeholders to be patient with us as we set in place the arrangements that will allow the corporate governance failures at FTX to prepare us for our Chapter 11 cases.” was prevented from installing before registering.