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FTX Files for Dissolution of Four Independently Operated Subsidiaries

FTX Files for Dissolution of Four Independently Operated Subsidiaries

The collapsed cryptocurrency exchange FTX filed a fresh request in Delaware Bankruptcy Court to allow bidding proceedings for four of the firm’s independent solvent companies. The sale of the subsidiary firms is an effort to earn funds to repay the company’s creditors, to whom it owes billions of dollars.

If a bankrupt company wishes to sell assets that are not in the regular course of business, the court must grant authorization. FTX intends to sell LedgerX LLC, FTX Japan, Embed Technologies, and FTX Europe within the next two months, according to the filing.

Further, the hearing on the motion is set for January 11, 2023, with an objection deadline of December 29, 2022. According to the filing, the firm has already received “dozens of unsolicited proposals. Nonetheless, the bidding cannot commence without the court’s permission.

Moreover, according to the motion, the corporation must sell these solvent enterprises as quickly as feasible. Prolonged delays might have a substantial impact on their worth.

Which FTX Enterprises are Available for Purchase?

Embed Technologies is a clearing and custody platform for brokers and banks. It is also a FINRA-registered broker-dealer regulated by the US Securities and Exchange Commission. Embed Technologies’ auction will close on January 18, 2023.

FTX also intends to sell 100% of its stake in LedgerX, the CFTC-regulated derivatives exchange, with a bid deadline of January 25, 2023. FTX Japan Holdings also controls FTX Singapore and FTX Japan.

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