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FTX,
along with about 101 affiliated firms, also sought court relief
to allow the operation of a new global cash management system
and payment to its critical vendors.
The exchange and its affiliates filed for bankruptcy in Delaware
on Nov. 11 in one of the highest-profile crypto blowups, leaving
an estimated 1 million customers and other investors facing
total losses in the billions of dollars.
FTX will explore sales, recapitalisations or other strategic
transactions for some of its units, the company's new Chief
Executive officer John Ray said in a statement.
In a court filing on Saturday FTX asked for permission to pay
prepetition claims of up to $9.3 million to its critical vendors
after an interim order and up to $17.5 million after the entry
of the final order.
The exchange said that if it fails to receive the requested
court relief, it will result in "immediate and irreparable harm"
to its businesses.
"Based on our review over the past week, we are pleased to learn
that many regulated or licensed subsidiaries of FTX, within and
outside of the United States, have solvent balance sheets,
responsible management and valuable franchises," FTX's Ray said.
FTX has identified 216 debtor bank accounts with positive
balances as of Nov. 16, but has only been able to verify the
balances in 144 accounts so far, the company said in a separate
court filing.
The company has appointed Perella Weinberg Partners LP as its
lead investment bank to help with the sale process, subject to
court approval.
(Reporting by Akanksha Khushi and Abinaya Vijayaraghavan in
Bengaluru; Additional reporting by Maria Ponnezhath; Editing by
Kirsten Donovan)
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