FTX’s Emergent receives another extension of exclusive periods

By Sarah Lizee

Olympia, Wash., April 19 – FTX Trading Ltd. debtor Emergent Fidelity Technologies Ltd. secured a second extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period through June 27 from March 29 and the exclusive solicitation period through Aug. 26 from May 28.

“The Emergent Chapter 11 case has required coordination with many constituencies not only before this court, but in several other Chapter 11 and foreign insolvency proceedings as well,” the debtor said in the motion.

“The pace of the Emergent debtor’s progress is inevitably impacted by the need to coordinate with, and be responsive to, governmental authorities.”

The company said it continues to investigate securing and recovering assets for distribution, including whether reorganization or liquidation is in the best interests of creditors.

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

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