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According to Fortune, FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets as a part of the Chapter 11 bankruptcy process for the collapsed crypto exchange. “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 US, have solvent balance sheets, responsible management and valuable franchises,” FTX Group’s new Chief Executive Officer John J. Ray III said in a statement. The FTX companies, known as FTX Debtors, have engaged Perella Weinberg Partners LP as lead investment bank and started preparing some assets for sale or reorganization, according to the statement. “I have instructed the team at the FTX Debtors to prioritize the preservation of franchise value as best we can in these difficult circumstances,” Ray said. The FTX Debtors have filed various motions with the Bankruptcy Court “seeking interim relief from the Court that, if granted, would allow the operation of a new global cash management system and the ordinary course payment critical vendors and vendors at foreign subsidiaries,” it said. A hearing has been scheduled for Nov. 22.

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【FTX global assets review begins, new CEO ‘pleased’ some entities have ‘solvent balance sheets’】According to Fortune, FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets as a part of the Chapter 11 bankruptcy process for the collapsed crypto exchange. “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 US, have solvent balance sheets, responsible management and valuable franchises,” FTX Group’s new Chief Executive Officer John J. Ray III said in a statement. The FTX companies, known as FTX Debtors, have engaged Perella Weinberg Partners LP as lead investment bank and started preparing some assets for sale or reorganization, according to the statement. “I have instructed the team at the FTX Debtors to prioritize the preservation of franchise value as best we can in these difficult circumstances,” Ray said. The FTX Debtors have filed various motions with the Bankruptcy Court “seeking interim relief from the Court that, if granted, would allow the operation of a new global cash management system and the ordinary course payment critical vendors and vendors at foreign subsidiaries,” it said. A hearing has been scheduled for Nov. 22.

FTX global assets review begins, new CEO ‘pleased’ some entities have ‘solvent balance sheets’

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