FTX has identified $5bn in liquid assets, lawyers for the company said at a court hearing on Wednesday where the bankrupt crypto exchange was cleared to pursue a quick sale of four subsidiaries to raise funds to repay creditors.
Andrew Dietderich, a partner at Sullivan & Cromwell who is representing FTX, which filed for bankruptcy in November, said the $5bn includes cash, securities and liquid cryptocurrencies. But he said the restructuring team being led by chief executive John Ray still cannot determine the gap between the companies’ assets and what it owes to creditors.
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