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Press Release: FTX Receives Court Approval for "First Day" Motions

Cointime Staff· 2 min read

FTX official shared a press release issued early today on Twitter, announcing FTX has received court approval for "First Day" motions.

WILMINGTON, Del., Nov. 22, 2022 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and approximately 101 additional affiliated companies (together, the "FTX Debtors"), today announced that the U.S. Bankruptcy Court for the District of Delaware (the "Delaware Federal Court") granted interim and final approvals for all of the "First Day" motions related to the FTX Debtors' Chapter 11 petitions filed on November 11, 2022.

John J. Ray III said, "With the Court's approvals of our First Day motions, we are moving forward as expeditiously as possible in our efforts to maximize value for all FTX stakeholders. We will continue working to implement necessary controls, and secure and marshal the Company's assets. As we review the business, we have already begun receiving interest from potential buyers for our assets and we will conduct an orderly process to reorganize or sell FTX assets around the world for the benefit of stakeholders."

Additional Resources

The FTX Debtors have established Kroll as its claims agent, and all official documents filed with the Delaware Federal Court can be found online at https://cases.ra.kroll.com/FTX/.

Advisors

The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor and Perella Weinberg Partners LP as investment banker.

SOURCE FTX

# FTX

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