After FTX filed for bankruptcy, John J. Ray III, the new boss of the crypto exchange promised to do everything necessary to collect the maximum amount of assets, in order to reimburse users and investors. He has already secured several million dollars in funds from the platform. He has now made it his mission to get the maximum amount of resources from other FTX-related businesses. Hence the launch of a comprehensive review of all the assets of Sam Bankman-Fried’s empire.
A good portion of FTX-related businesses are healthy
Late last week, FTX announced the launch a strategic review of its global assets. initiative concerns the hundred or so companies whose crypto exchange is the parent company. The objective is to see how to recover these assets for the benefit of the stakeholders of the exchange. To support it in the process, FTX hired the investment bank Perella Weinberg Partners LP. The court in charge of the case should validate the choice of the bank in the coming days.
As part of this process, some businesses will be sold or restructured. The good news is that a good part of FTX’s businesses are in good shape, assures the new boss.
“Based on our review last week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, both inside and outside the United States, have solvent balance sheets. They also have responsible management and valuable franchises. Some of these subsidiaries have no debts. Others have them. In any event, it will be one of our priorities in the coming weeks to explore sales, recapitalizations or other strategic transactions involving these subsidiaries, and others that we will identify as we go along. our work »commented the new boss, John J. Ray III.
Furthermore, the crypto exchange has asked the court to authorize an interim measure. This will enable the establishment of a global cash management system. It will also encourage the payment of debts to essential suppliers.
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