Moratorium Process will Assist Exploration of Strategic Alternatives Process
WILMINGTON, Del., April 12, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (together, the "FTX Debtors") today announced that the Board of Directors of debtor FTX Europe AG, the holding company of the FTX European business, has filed a petition for a Swiss moratorium proceeding (the "Moratorium"). A Swiss court granted the Moratorium on April 11, 2023.
FTX Europe AG notes the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S. Bankruptcy Court-approved bidding procedures. Importantly, the previously announced process for confirming customer balances in preparation for allowing the withdrawal of funds from FTX EU Ltd. is unchanged by the Moratorium.
In its order granting the Moratorium, the Swiss court appointed an administrator for FTX Europe AG. FTX Europe AG is also a debtor in the Chapter 11 proceedings in Delaware.
Advisors
The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel.
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