FTX Receives Court Approval for “First Day” Motions

FTX Receives Court Approval, as well as approximately 101 additional affiliated companies. The Delaware Federal Court granted preliminary and final approvals for all of the “First Day” motions related to the FTX Debtors’ Chapter 11 petitions filed on November 11, 2022.

According to news provided by FTX from PRNewswire, the United States Bankruptcy Court for the District of Delaware (the “Delaware Federal Court“) has granted interim and final approvals for all of the “First Day” motions related to the FTX Debtors‘ Chapter 11 petitions filed on November 11, 2022, according to an announcement released by FTX Trading Ltd. (d.b.a. FTX.com) and approximately 101 additional affiliated companies.

“With the Court’s approvals of our First Day motions, we are moving forward as expeditiously as possible in our efforts to maximize value for all FTX stakeholders. We will continue working to implement necessary controls, and secure and marshal the Company’s assets. As we review the business, we have already begun receiving interest from potential buyers for our assets and we will conduct an orderly process to reorganize or sell FTX assets around the world for the benefit of stakeholders.”

John J. Ray III said

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