Having appointed a new CEO and entering the process of restructuring, FTX began examining its assets as part of the bankruptcy process.
Cryptocurrency exchange FTX entered into structuring after its bankruptcy declaration. First, the management staff changed after former CEO Sam Bankman-Fried (SBF) announced his resignation. The bankruptcy of the FTX exchange, which was once valued at around $36 billion, is tight. The new CEO, John J Ray, stated that he spent a lot of time to solve the whole process. The company finally began to review all its assets as part of the bankruptcy process.
FTX Begins Asset Review Work
Cryptocurrency exchange FTX has begun asset scrutiny to pay creditors and redefine certain business interests.
The company manages the process with New York-based investment bank and financial services firm Perella Weinberg Partners LP (PWP). PWP became part of the cryptocurrency exchange’s Chapter 11 bankruptcy protection proceedings.
The FTX company said in a statement that the PWP contract has passed court approval. PWP transaction confirmation will conduct an asset review of 101 different companies considered as FTX borrowers. As a result of these asset reviews, reorganization and sales opportunities will arise.
In addition, new CEO John J Ray stated that asset reviews have been going on since the beginning of the week.
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