FTX Prepares to Reopen: Decision Will Be Made by Mid-December

FTX is rapidly advancing in its post-default reboot plans. They announced at the hearing held in Wilmington, Delaware that they are in the decision-making phase until mid-December. This means that the details will be clarified by that time, and they will consider potential sale or partnership options.

The bankrupt crypto exchange FTX is continuing to make progress on its reboot plans, according to statements by Kevin M. Cofsky of Perella Weinberg Partners. The company announced during the hearing held in Wilmington, Delaware that they are in the decision-making phase until mid-December on how to proceed. Additionally, Cofsky mentioned that FTX is negotiating the details of potentially binding offers with investors.

$7 Billion in Assets Recovered

FTX’s reboot plans also encompass significant decisions such as selling the entire exchange, which includes over 9 million customer accounts, a valuable asset, or bringing in a partner, as presented to the U.S. Bankruptcy Judge John Dorsey. According to court documents, FTX executives have managed to recover approximately $7 billion in assets, including around $3.4 billion in cryptocurrencies.

“We are in the process of engaging with a number of interested parties to purchase the former exchange assets and partner with the debtors in connection with the relaunch of the exchange.”
Kevin M. Cofsky
Attorney Notes Resolution of Some Disputes

Moreover, the company’s attorney, Andrew Dietderich, stated during the court proceedings that FTX and the primary creditor groups have temporarily resolved some challenging disputes in the case. This development is expected to significantly enable the company to present a detailed payment plan in December.

Finally, more details about FTX’s future are expected to become clear in mid-December. During this time, the company, as per the statements, will continue to evaluate potential sale or partnership options.

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