Court authorises FTX to begin selling LedgerX and other units

FTX may begin a search for buyers for its business units to raise liquidity for creditor settlements. This was stated by the bankruptcy judge in the context of the restructuring of the bitcoin exchange.

The decision will enable the engaged investment bank Perella Weinberg to conduct auctions. Going forward, the court will issue permission for each potential deal.

Bids will be accepted from January 18 to February 1.

Earlier, the platform said that LedgerX, Embed, FTX Japan, FTX Europe and other companies within the FTX Group attracted interest from 117 organisations.

The head of the U.S. Department of Justice’s bankruptcy division had previously objected to the sale of the debtor’s valuable assets in light of allegations of serious wrongdoing. Under the judge’s ruling, the bankruptcy trustee will be able to review the sale process and lodge objections.

Back in early 2023, advisers to the FTX Group restored access to assets worth more than $5 billion, which can be used to pay affected creditors.

The figure does not include funds previously frozen by the regulator of the Bahamas. Their value was estimated at $170 million.

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