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Eight days after FTX Trading and some 101 affiliates, collectively called FTX Debtors, filed for Chapter 11 bankruptcy, a strategic review of the group’s global assets was set in motion.

See related article: Who is exposed to FTX? A build running on a fast moving target

Fast facts

  • John J. Ray III, new CEO of FTX, said the review is aimed at maximizing recoverable value for stakeholders.
  • Ray added that last week’s review showed that many of FTX’s regulated or licensed subsidiaries, both inside and outside the United States, had solvent balance sheets, responsible management and valuable franchises.
  • The group will study disposals, recapitalizations or other strategic operations concerning its subsidiaries.
  • Perella Weinberg Partners LP (PWP) has been appointed lead investment bank as the group begins preparing to sell or reorganize certain businesses. PWP’s engagement will be subject to court approval.
  • FTX Debtors have filed for interim relief in the United States Bankruptcy Court which, if granted, would allow for the operation of a new global cash management system and payments to critical vendors and vendors foreign subsidiaries. A hearing is scheduled for Tuesday, November 22.
  • No specific timeline has been set for the completion of this process and FTX Debtors has appointed risk advisor Kroll as claims agent.

See related article: Enron Veteran Is New FTX Chief: Does He Have What It Takes To Win Back User Funds?

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