FTX Trading seeks approval to dismiss foreign wind-down units’ cases

By Sarah Lizee

Olympia, Wash., April 4 – FTX Trading Ltd. is seeking approval to dismiss the bankruptcy cases of some of its foreign wind-down entities, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The debtors include FTX Products (Singapore) Pte Ltd., Liquid Securities Singapore Pte Ltd., Analisya Pte. Ltd., Quoine Vietnam Co. Ltd., Alameda Aus Pty Ltd., Alameda Research Pte Ltd., Innovatia Ltd., FTX Japan Services K.K. and Quoine India Pte Ltd.

FTX Trading is also seeking approval of the equitization, write-down, release or resolution of intercompany claims and capital contributions to some of the above entities as well as non-debtor MPC Technologies Pte Ltd. The company said this is necessary to start solvent liquidation proceedings in line with applicable local law.

Since the start of the Chapter 11 process, FTX said it has been working to identify debtors without material assets or liabilities and no prospects of starting any business activities in the future. So far, the court has dismissed eight immaterial entities.

FTX said it anticipates saving significant compliance costs and administrative resources associated with continuing cross-border insolvency proceedings involving multiple jurisdictions.

FTX has headquarters in the Bahamas and filed Chapter 11 bankruptcy on Nov. 11, 2022 under case number 22-11068.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.