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Bankrupt crypto exchange FTX begins strategic review of global assets

Bankrupt crypto exchange FTX begins strategic review of global assets

FTX’s debtors are in talks with Finserv firm Perella Weinberg Partners about various attempts at sale or restructuring. However, PWP’s participation is subject to bankruptcy court approval. With 101 out of 130 member companies announcing the launch of a strategic review of their global assets. The study is an attempt to maximize the achievable value for interested parties. FTX, then led by CEO Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy on November 11 after being caught embezzling user funds. The bankruptcy filing was aimed at cushioning the losses of FTX-affiliated interest groups and affiliates, including debtors of FTX.

As part of its recent bankruptcy filing, defunct cryptocurrency exchange FTX, along with 101 of its 130 affiliates, announced the launch of a strategic review of its global assets. The study is an attempt to maximize the achievable value for interested parties. FTX, then led by CEO Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy on November 11 after being caught embezzling user funds. a.a FTX debtors.

SBF’s successor, CEO John J.Ray III, confirmed that FTX subsidiaries have solvent balance sheets that could be sold or restructured to reduce losses. While noting that some subsidiaries, such as cryptocurrency exchange LedgerX, are exempt as debtors in the bankruptcy filing, he added: “In any case, one of our priorities in the coming weeks will be to explore sales, recapitalizations or any other strategic transaction related.” to these affiliates and others that we identify during our work. 

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