Nov 19 (Reuters) – Collapsed crypto trade FTX mentioned on Saturday it has launched a strategic assessment of its world property and is getting ready for the sale or reorganisation of some companies.
FTX, together with about 101 affiliated companies, additionally sought court docket aid to permit the operation of a brand new world money administration system and fee to its important distributors.
The trade and its associates filed for chapter in Delaware on Nov. 11 in one of many highest-profile crypto blowups, leaving an estimated 1 million clients and different traders dealing with whole losses within the billions of {dollars}.
FTX will discover gross sales, recapitalisations or different strategic transactions for a few of its items, the corporate’s new Chief Government officer John Ray mentioned in an announcement.
In a court docket submitting on Saturday FTX requested for permission to pay prepetition claims of as much as $9.3 million to its important distributors after an interim order and as much as $17.5 million after the entry of the ultimate order.
The trade mentioned that if it fails to obtain the requested court docket aid, it’s going to end in “quick and irreparable hurt” to its companies.
“Based mostly on our assessment over the previous week, we’re happy to study that many regulated or licensed subsidiaries of FTX, inside and out of doors of the US, have solvent stability sheets, accountable administration and invaluable franchises,” FTX’s Ray mentioned.
FTX has recognized 216 debtor financial institution accounts with constructive balances as of Nov. 16, however has solely been capable of confirm the balances in 144 accounts to date, the corporate mentioned in a separate court docket submitting.
The corporate has appointed Perella Weinberg Companions LP as its lead funding financial institution to assist with the sale course of, topic to court docket approval.
Reporting by Akanksha Khushi and Abinaya Vijayaraghavan in Bengaluru; Extra reporting by Maria Ponnezhath; Modifying by Kirsten Donovan
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