FTX Bahamas unit files for Chapter 15 bankruptcy in New York

2022/11/16 07:59

According to Bloomberg, FTX Digital Markets Ltd., the Bahamas-based entity associated with Sam Bankman-Fried’s global digital asset empire, has filed for Chapter 15 bankruptcy protection. Chapter 15 filings are designed to facilitate corporate insolvencies that involve assets and entities that span more than one country.
The filing by the Ryan Salame-helmed unit comes under the “foreign proceeding” law where the “assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or liquidation,” the company said in documents filed in the Southern District of New York court. “That will allow provisional liquidators who can act as foreign representatives a “broad discovery concerning the property and affairs of a debtor,” it said in the filing.

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