On Thursday, the cryptocurrency exchange FTX asked a federal court for authorization to sell a number of its subsidiaries, such as the LedgerX derivatives arm headquartered in the United States.
Attorneys for FTX stated in a statement submitted to the Bankruptcy Court of Delaware that the sale of some companies or the search for other strategic deals was a top priority for the business' financial management.
“Based on their preliminary review, the Debtors own or control a number of subsidiaries and assets that are regulated, licensed and/or largely not integrated into the Debtors operations, within and outside of the United States,” the filing noted. “The Debtors believe a number of these entities have solvent balance sheets, independent management and valuable franchises.”
LedgerX, FTX US Derivatives, FTX Japan, FTX Europe, and Embed Business are some of these divisions.
Since FTX very recently purchased the majority of these companies, they mostly ran independently of their parent company on a global scale. As a result, in contrast to some of the company's other subsidiaries, their property and finances continue to be kept apart from FTX.
LedgerX, FTX US Derivatives, FTX Japan, FTX Europe, and Embed Business are some of these divisions.
Since FTX very recently purchased the majority of these companies, they mostly ran autonomously of their parent company on a global scale. As a result, in contrast to some of the firm's other subsidiaries, their property and finances continue to be kept apart from FTX.
John Ray III, the new CEO of FTX, testified before Congress and claimed that even businesses that were ostensibly autonomous of FTX, including FTX US, were not really so.
Last month, FTX declared bankruptcy, claiming that firm had over $10 billion in debts.
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