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FTX Exploring Sale or Recapitalization of Healthy Subsidiaries, According to New CEO

The brand new CEO of bankrupt crypto change FTX says the agency is wanting on the prospect of promoting and recapitalizing a few of its subsidiaries within the coming weeks.

In a brand new statement, John J. Ray, who changed Sam Bankman-Fried, says {that a} overview of the agency’s affiliated corporations reveals that a few of FTX’s subsidiaries are nonetheless solvent with accountable administration and “invaluable franchises.”

Among the many more healthy corporations is derivatives platform LedgerX and white-label brokerage providers supplier Embed Clearing, which isn’t included within the chapter proceedings. 

“It will likely be a precedence of ours within the coming weeks to discover gross sales, recapitalizations or different strategic transactions with respect to those subsidiaries, and others that we determine as our work continues.”

The corporate says it’s already getting ready for the sale and reorganization of some its companies. It has additionally engaged New York-based international monetary providers agency Perella Weinberg Companions as its lead funding financial institution topic to the approval of the court docket. 

Says Ray,

“I respectfully ask all of our staff, distributors, clients, regulators and authorities stakeholders to be affected person with us as we put in place the preparations that company governance failures at FTX prevented us from putting in previous to submitting our Chapter 11 circumstances.”

FTX filed for Chapter 11 chapter earlier this month following a rush of withdrawals that led to insolvency. 

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