FTX offer periods for Japanese and European companies announced (report)

FTX offer periods for Japanese and European companies announced (report)
The FTX group of companies, which is in insolvency proceedings, extended the provisional offer period for their subsidiaries in Japan and Europe, since the administrators are trying to raise funds to repay the creditors.
According to the Bloomberg report, the court file states that the new period was set on March 8, while the auction date was postponed to April 26th.
- The development takes place two weeks after judge John Dorsey, who currently monitors the liquidation of FTX, has approved the application of the group to sell four units-the derivative-free ledgerx, the Embed, FTX Japan and FTX Europe.
- The last two were subject to license and business in December last year.
- The Japanese company has reportedly separated customer funds and will initiate the return of assets to customers in February.
- According to the explanation of the Japanese financial services authority, the device loses its licenses, even if the owner changes.
- Kevin Cofsky, partner at Perella Weinberg, the investment bank, the FTX US and affiliated companies, said in a court file that almost 117 parties, including various financial and strategic counterparties around the world, would have expressed interest in the purchase of one or more business areas of FTX.
- 41 of this expressed interest in FTX Japan and 40 to FTX Europe.
- Sam Bankman-Fried, co-founder and former CEO of FTX, is faced with a number of charges in the United States.
- According to a preliminary finance, the group, which had slipped into bankruptcy last year, had around $ 1.4 billion in cash at the end of 2022. The number is 19 % higher than the previously reported $ 1.2 billion.
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