Most Of FTX Subsidiaires Are Solvnet, Claims FTX New CEO
Mr. John J. Ray III, CEO of FTX, releases a strategic review report about their global assets. FTX seeks to maximize reclaimable value after filing for Chapter 11 bankruptcy.
According to the reports, FTX Trading Ltd. FTX.com and 101 other affiliated companies (collectively, “FTX Debtors”) began a strategic review today of their various asset classes.
FTX CEO expressed joy and noted that most of FTX’s licensed or regulated subsidiaries, both within and outside the US, have solvent balances, responsible management, valuable franchises, and are solvent. He also mentioned that two of the FTX subsidiaries naming LedgerX LLC or Embed Clearing LLC were not debtors in Chapter 11 cases.
FTX’s new CEO highlighted the list of insolvent subsidiary companies, which includes FTX Japan KK and Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.S. FTX EU Ltd., FTX Exchange FZE and Zubr Exchange Ltd.
Other subsidiaries – like FTX Japan KK and Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.S, FTX EU Ltd., FTX Exchange FZE, and Zubr Exchange Ltd – are all debtors. He stated that sales, recapitalizations, or other strategic transactions will be a priority for us in the coming weeks with respect to these subsidiaries and any others we identify as our work proceeds.
FTX CEO urges customers, government and other stakeholders to be patient
The new CEO of FTX also made sure that the FTX Debtors team places the preservation and enhancement of franchise value at the top priority list. He also urged employees, vendors and customers to be patient with FTX.
FTX Debtors today filed a series of motions to the Bankruptcy Court, seeking interim relief that would allow for the operation of a global cash management system and the payment of vendors at foreign subsidiaries.
A hearing was scheduled for Tuesday, November 22, 2022. The team has not yet set a completion date and does not plan to reveal further developments until it decides that it is necessary or appropriate.
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