Solicitors representing FTX, the bankrupt cryptocurrency exchange, have asked the Federal Court for permission to sell four of its subsidiaries. These subsidiaries include Embed Business, FTX Europe, Ledger X, and FTX Japan. This was revealed in a document filed with the Bankruptcy Court of Delaware.
Since the parent company, FTX, declared Chapter 11 bankruptcy in November, these companies have faced scrutiny from regulatory bodies in their respective jurisdictions.
FTX Europe’s license has been suspended, as have operations, and FTX Japan is subject to 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,” the lawyers added.
In the document, the company’s new management stated, “it’s important to review global assets and maximize recoverable value for its stakeholders.”
Since the collapse of the parent institution, FTX, there has also been significant interest from third parties in acquiring these businesses.
The lawyers then considered broadening the marketing campaign to generate more exciting offers for the firms. There are bid and auction requirements to meet to ensure that each firm is sold to the highest bidder in order to maximize profit.
It’s worth noting that these companies have been operating independently of FTX, making the sales process much easier.
The document includes the auction dates for these companies. Embed’s business date is February 21, 2023; Ledger X’s is March 7, 2023; and FTX Japan and Europe are scheduled for March 21, 2023.
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