FTX Continues Paying Salary To Employees And Foreign Contractors After Bankruptcy

Bankruptcy crypto company FTX will continue to pay salaries and benefits to employees along with foreign contractors. However, former CEO Sam Bankman-Fried or Caroline Ellison were excluded from the list.

In its recent announcement, FTX worldwide is resuming regular pay and benefits for employees worldwide and regular course payments to certain non-US contractors and service providers.

“With the Court’s approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.  FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court.  We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support.”

New FTX CEO John J.Ray III said in a statement.

This announcement comes after the company’s legal counsel filed an offer to pay compensation, benefits and relief to its employees and suppliers. In the petition, FTX states that the company will not pay any money to Sam Bankman-Fried, Gary Wang, Nishad Singh, Caroline Ellison or anyone with family ties.

Relief includes cash payments for both the pre- and post-litigation periods, subject to pre-complaint payment limits established by order of the Bankruptcy Court.

The Company will pay suppliers and service providers in the usual manner for all goods and services provided on or after the filing date under Chapter 11.

The relief is only available in the Bahamas to employees or contractors of the debtor and not to employees or contractors of FTX Digital Markets Ltd as it is the subject of a separate Bahamas liquidation and is not included in or covered by chapter 11 cases in the United States.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News