FTX Review Its Assets To Recoverable Value For Stakeholders

As part of the cryptocurrency exchange’s Chapter 11 bankruptcy protection procedures, FTX has started a review of its global assets, and Perella Weinberg Partners L.P. (PWP), a financial services company with offices in New York, has been hired as its primary investment bank.

According to a statement released by the crypto company today, the court must first approve the PWP engagement.

FTX.com and 101 connected entities, collectively referred to in the proceedings as the FTX debtors, will have their assets reviewed by PWP if given the go-ahead. The company and its affiliated companies may decide to reorganize or sell some of the business interests they currently hold due to this asset review.

John J. Ray, the new FTX CEO, stated:

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises.”

Ray blamed the previous leadership for the total breakdown of corporate controls. He had to speak up because of the chaos created by the previous CEO, Sam Bankman-Fried.

Ray further commented:

“I respectfully ask all of our employees, vendors, customers, regulators and government stakeholders to be patient with us as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our chapter 11 cases.”

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