FTX Trading and 101 associated businesses, collectively known as the FTX Debtors, filed for Chapter 11 bankruptcy on November 19; as a result, FTX Trading stated it has begun a strategic examination of the group’s global assets.
The review’s goal, according to John J. Ray III, the new CEO of FTX, is to increase recoverable value for stakeholders.
The investigation conducted during the previous week, according to Ray, revealed that several of FTX’s regulated or licensed companies, both inside and outside of the United States, had healthy balance sheets, capable management, and valuable franchises.
With regard to its subsidiaries, the group will look into sales, recapitalizations, or other strategic deals.
As the group starts putting some firms up for sale or reorganization, Perella Weinberg Partners LP (PWP) has been chosen as the primary investment bank. The court must approve PWP’s engagement before it can proceed.
In order to operate a new global cash management system and make payments to essential vendors and vendors at foreign subsidiaries, FTX Debtors filed for interim relief with the U.S. Bankruptcy Court. If granted. Tuesday, November 22, has been set aside for a hearing.
There is no set deadline for finishing this procedure, and FTX Debtors has chosen risk management firm Kroll to serve as its claims agent.
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