FTX Seeks Bankruptcy Court Approval for Sale of Solvent Subsidiaries

Has filed a motion to the bankruptcy court of delaware to approve bidding procedures for four of its independent solvent subsidiaries: embed technologies, ledgerx, ftx japan holdings, and ftx europe. the company has already received “dozens of unsolicited bids” and the motion is scheduled for hearing on january 11, 2023, with an objection deadline of december 29, 2022. bidding for embed technologies ends on january 18, 2023, for ledgerx on january 25, 2023, and for ftx japan holdings and ftx europe on february 1, 2023.

Motion was filed in the bankruptcy court of delaware and the deadlines for the bidding processes range from january 11, 2023, to february 1, 2023. ftx japan holdings owns two other subsidiaries, ftx japan and ftx singapore, and ftx europe is a swiss corporation offering crypto and equity derivatives trading for eu institutional and retail investors.

Filed the motion to the bankruptcy court of delaware in order to obtain permission for the sale of assets outside the ordinary course of business. the company must sell these solvent businesses as soon as possible to avoid a decrease in their valuation, as ftx owes billions of dollars to its creditors. ftx japan and ftx singapore are also subjected to suspension, making it even more important for the sale of the solvent businesses to be completed without prolonged delays.


By Evey Lovelace

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