Key Points:
- According to a fresh court document in the bankruptcies of the ailing cryptocurrency exchange, there are about 117 parties interested in FTX subsidiaries.
- After a run on its native utility token in November, the crypto behemoth requested bankruptcy protection. More than 100 organizations were listed in FTX’s bankruptcy petition, and the company may owe its top 50 creditors $3.1 billion.
- Four companies, including Embed, LedgerX, FTX Japan, and FTX Europe, have been prioritized for sale by the attorneys assisting the FTX debtors in the bankruptcy process.
According to a fresh court document in the bankruptcies of the ailing cryptocurrency exchange, there are about 117 parties interested in purchasing FTX subsidiaries.
After a run on its native utility coin in November, the crypto behemoth requested bankruptcy protection. More than 100 organizations were listed in FTX’s bankruptcy petition, and the company may owe its top 50 creditors $3.1 billion.
According to a court document, as many as 117 parties have expressed interest in purchasing one or more of FTX’s independently run companies, including FTX Japan, FTX Europe, LedgerX, and Embed.
Kevin Cofsky, a partner at Perella Weinberg, the investment bank that represents FTX US and other companies, filed the lawsuit on January 8. He declared:
“As of the date hereof, approximately 117 parties, including various financial and strategic counterparties globally have expressed interest to the Debtors in a potential purchase of one or more of the Businesses. As of the date of this Declaration, the Debtors have entered into 59 confidentiality agreements with potential counterparties who have expressed interest in any one or more of the Businesses, and are in the process of entering into a number of additional confidentiality agreements with potential counterparties.”
59 of the 117 parties interested in purchasing the FTX companies have confidentiality agreements in place with the creditors. According to the filing, there are about 50 parties interested in Embed, 56 parties interested in LedgerX, 41 parties interested in FTX Japan, and 40 parties interested in FTX Europe.
FTX purchased Embed, a clearing company, in June to expand its stock and equity offerings. In August 2021, FTX purchased LedgerX, a futures and options exchange and clearinghouse for digital currencies that are governed by the Commodity Futures Trading Commission (CFTC).
FTX Japan and FTX Europe are separate FTX Global entities, but in December, their business operations and licenses were suspended.
These parties now have access to information to help with due diligence, such as specifics on the business unit’s operations, finances, and technology, even if no formal agreements have been formed.
The number of interested parties and other moving components of the extensive bankruptcy procedure could impact the timetable of the initial hearing on the sales, which was scheduled for January 11.
In addition to the two clearing companies, FTX also asked a U.S. bankruptcy court for authorization to sell off the company’s branches in Japan and Europe in December.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
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FTX Subsidiaries Attract 117 Interested Buyers
Key Points:
- According to a fresh court document in the bankruptcies of the ailing cryptocurrency exchange, there are about 117 parties interested in FTX subsidiaries.
- After a run on its native utility token in November, the crypto behemoth requested bankruptcy protection. More than 100 organizations were listed in FTX’s bankruptcy petition, and the company may owe its top 50 creditors $3.1 billion.
- Four companies, including Embed, LedgerX, FTX Japan, and FTX Europe, have been prioritized for sale by the attorneys assisting the FTX debtors in the bankruptcy process.
According to a fresh court document in the bankruptcies of the ailing cryptocurrency exchange, there are about 117 parties interested in purchasing FTX subsidiaries.
After a run on its native utility coin in November, the crypto behemoth requested bankruptcy protection. More than 100 organizations were listed in FTX’s bankruptcy petition, and the company may owe its top 50 creditors $3.1 billion.
According to a court document, as many as 117 parties have expressed interest in purchasing one or more of FTX’s independently run companies, including FTX Japan, FTX Europe, LedgerX, and Embed.
Kevin Cofsky, a partner at Perella Weinberg, the investment bank that represents FTX US and other companies, filed the lawsuit on January 8. He declared:
“As of the date hereof, approximately 117 parties, including various financial and strategic counterparties globally have expressed interest to the Debtors in a potential purchase of one or more of the Businesses. As of the date of this Declaration, the Debtors have entered into 59 confidentiality agreements with potential counterparties who have expressed interest in any one or more of the Businesses, and are in the process of entering into a number of additional confidentiality agreements with potential counterparties.”
59 of the 117 parties interested in purchasing the FTX companies have confidentiality agreements in place with the creditors. According to the filing, there are about 50 parties interested in Embed, 56 parties interested in LedgerX, 41 parties interested in FTX Japan, and 40 parties interested in FTX Europe.
FTX purchased Embed, a clearing company, in June to expand its stock and equity offerings. In August 2021, FTX purchased LedgerX, a futures and options exchange and clearinghouse for digital currencies that are governed by the Commodity Futures Trading Commission (CFTC).
FTX Japan and FTX Europe are separate FTX Global entities, but in December, their business operations and licenses were suspended.
These parties now have access to information to help with due diligence, such as specifics on the business unit’s operations, finances, and technology, even if no formal agreements have been formed.
The number of interested parties and other moving components of the extensive bankruptcy procedure could impact the timetable of the initial hearing on the sales, which was scheduled for January 11.
In addition to the two clearing companies, FTX also asked a U.S. bankruptcy court for authorization to sell off the company’s branches in Japan and Europe in December.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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