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FTX Trading, FTX DM Bahamas agree to work together on cases
By Sarah Lizee
Olympia, Wash., Jan. 6 – FTX Trading Ltd. and FTX Digital Markets Ltd. (FTX DM Bahamas) announced their agreement on terms for mutual cooperation in the Chapter 11 cases of the FTX debtors in Delaware and the provisional liquidation of FTX Digital Markets in the Bahamas.
Under the cooperation agreement, the parties will work together to share information, secure and return property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries.
The parties said in a Friday press release that they have agreed on parameters for involving FTX Digital Markets in the Chapter 11 cases and for involving the FTX debtors in proceedings in the Bahamas.
They have also agreed on the disposition of real estate in the Bahamas in a process operationally led by the joint provisional liquidators and overseen by courts in both jurisdictions, as well as a process to confirm the inventory of digital assets under the control of the Securities Commission of the Bahamas in the Fireblocks account previously disclosed by the FTX debtors.
The parties are each comfortable the digital assets have been appropriately safeguarded by the Securities Commission as restructuring discussions continue.
“There are some issues where we do not yet have a meeting of the minds, but we resolved many of the outstanding matters and have a path forward to resolve the rest,” John J. Ray III, the chief executive officer and chief restructuring officer of the FTX debtors, said.
The cooperation agreement is subject to approval from both courts.
FTX has headquarters in The Bahamas. The company filed Chapter 11 bankruptcy on Nov. 11 under case number 22-11068.
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