FTX receives the green light for the sale of 4 independently operated subsidiaries

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Von Krypto News Österreich

The Delaware Insolvency Court has approved bidding procedures for four of the independent solvent subsidiaries from FTX to try to generate money to repay the creditors.

In the hearing on Thursday, judge John Dorsey, who currently monitors the liquidation of FTX, approved the proposed stock exchange to sell four important units-the derivative LedGerx, the Embed, FTX Japan and FTX Europe. FTX Japan and FTX Europe were subjected to the uninitiated in December last year.
  • The US loyalist protested against the sale of FTX assets and claimed that valuable information could be compromised in connection with the bankruptcy of the stock exchange.
  • The latest development comes a month after FTX Trading and his connected debtors have put their subsidiaries auction.
  • bankruptcy companies require judicial approval if the sale of assets is outside the ordinary business. By January 8th, around 117 parties have been willing to acquire the four units of the bankrupt stock exchange.
  • The court application by Kevin Cofsky, a partner at Perella Weinberg, the investment bank, the FTX US and connected companies, was:

"Approximately 117 parties, including various financial and strategic counterparties worldwide, are interested in a possible purchase of one or more of the company."

  • Cofsky also announced that the debtors have concluded 59 confidentiality agreements with potential counterparties who have expressed interest in one or more of the companies.
    • So far, no fixed agreements have been made, but these parties can now access data to enable a due diligence, including information about the operation, finance and technology of business unit.
  • According to the submission, almost 50 parties were interested in the Clearing company Embed taken over by FTX, 56 were interested in Ledgerx, 41 expressed interest in FTX Japan and 40 goods for FTX Europe.
  • At the beginning of this week, a bankruptcy lawyer said that FTX found more than $ 5 billion in cash and liquid funds.

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