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Failed Crypto Exchange FTX Owes $1.45Bn To Top 10 Creditors, $3.1Bn To Top 50

by Admin
November 21, 2022
in NewsBytes
Reading Time: 2 mins read
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Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.

The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.

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FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. A hearing on FTX’s so-called first-day motions is set for Tuesday morning before a U.S. bankruptcy judge, according to a separate court filing.

FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors.

FTX will explore sales, recapitalisations or other strategic transactions for some of its units, the company’s new Chief Executive officer John Ray said in a statement.

In a court filing on Saturday FTX asked for permission to pay prepetition claims of up to $9.3 million to its critical vendors after an interim order and up to $17.5 million after the entry of the final order.

The exchange said that if it fails to receive the requested court relief, it will result in “immediate and irreparable harm” to its businesses.

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX’s Ray said.

FTX has identified 216 debtor bank accounts with positive balances as of Nov. 16, but has only been able to verify the balances in 144 accounts so far, the company said in a separate court filing.

The company has appointed Perella Weinberg Partners LP as its lead investment bank to help with the sale process, subject to court approval.

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