Lawyers for FTX are petitioning a judge to let them sell off its solvent subsidiaries, like LedgerX, FTX Japan and FTX Europe, to 'maximize' their value for the company's estate. nikhileshde reports
FTX wants to sell these units quickly, the filing said. Many have had their operating licenses suspended since FTX itself filed for bankruptcy.
"The Debtors and/or the Businesses have been in active conversations with a number of regulators for the Businesses," the filing said."The licenses held by FTX Europe have been suspended along with its operations, and FTX Japan is subject to business suspension and business improvement orders. The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses.
FTX has already received"dozens of unsolicited" – more than 100 – bids for the companies, the filing said. If the sales are approved, interested parties could bid for the different units, the filing said, suggesting possible bid dates for the various entities ranging from February to March. Preliminary bid dates stretch from mid-January to early February.
By these dates, aspiring purchasers would have to submit various documents verifying both their interest and their ability to bid for the businesses at auction.If a would-be bidder navigates these hurdles, FTX would request hearings in March in front of the bankruptcy court.
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