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FTX Group’s Bankruptcy Proceedings Extended

by Carolina Lynch

The FTX Group of companies, which filed for bankruptcy in 2020, has extended the preliminary bid deadline for its Japan and Europe affiliates. The new deadline is set for March 8, while the auction date has been moved to April 26. This comes as administrators attempt to raise funds to pay back creditors. The court filing also revealed that 117 parties, including financial and strategic counterparties from around the world, have expressed interest in purchasing one or more of the FTX businesses. 41 of these parties have expressed interest in FTX Japan, and 40 have expressed interest in FTX Europe. The Japanese business has reportedly segregated client funds and will initiate the return of assets to customers in February. FTX co-founder and former chief executive Sam Bankman-Fried is facing a litany of charges in the United States. As of the end of 2022, the group had around $1.4 billion in cash, which is 19% higher than the previously reported $1.2 billion. The administrators are hoping to raise enough funds from the sale of the four units – derivatives arm LedgerX, stock-clearing platform Embed, FTX Japan, and FTX Europe – to pay back creditors.


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