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Home»TRADING NEWS»Bankrupt cryptocurrency company FTX Trading reaches settlement with Bahamian subsidiary
TRADING NEWS

Bankrupt cryptocurrency company FTX Trading reaches settlement with Bahamian subsidiary

By Crypto FlexsDecember 19, 20233 Mins Read
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Bankrupt cryptocurrency company FTX Trading reaches settlement with Bahamian subsidiary
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FTX Trading Ltd. and its affiliated debtors announced a landmark settlement with its Bahamian subsidiary, FTX Digital Markets Ltd., amid ongoing liquidation proceedings. The agreement, which is awaiting court approval, promises a new approach to handling the complex legal issues arising from the group’s collapse.

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FTX enters into agreement with Bahamas subsidiary, establishing foundation for fair asset distribution during liquidation

This agreement, embodied in the Global Settlement Agreement, is an important step in addressing the impact of the fall of FTX Group. The agreement is subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas. Collaboration between FTX Trading, the Debtors, and FTX Digital Markets’ Official Joint Liquidator paves the way for resolution of this high-profile bankruptcy case.

Under the terms of the agreement, FTX Debtors and FTX Digital Markets will synchronize assets to facilitate equitable distribution to FTX.com customers. According to the announcement, the goal of the mediation is to ensure that customers simultaneously receive comparable relative distributions, a move that highlights the parties’ commitment to fairness to affected customers in both jurisdictions.

“The unique challenges posed by conflicting filings from FTX Debtors and FTX Digital Markets were some of the most challenging challenges the team faced,” said John. J. Ray III, CEO and Chief Restructuring Officer of FTX. “But we recognized from the beginning that we had overlapping constituencies of FTX.com customers. I am very pleased to have reached such a clear agreement in the interests of our clients. “This is an agreement that also respects the important role the joint liquidators and the Bahamas will play in the global recovery effort.”

An interesting feature of the settlement is that FTX.com customers can choose the jurisdiction (either a Chapter 11 case in the United States or an ongoing liquidation proceeding in the Bahamas) to settle and receive their claims. The Debtors believe that this option will not result in a material economic difference to the Noteholders and will provide a flexible solution for customers affected by the collapse.

The agreement also addresses the valuation of customer claims and provides that all claims for cash or digital assets will be assessed in U.S. dollars as of the date of each petition. This assessment aims to minimize inconsistencies in the governance of proceedings across the two jurisdictions, with the exception of non-fungible tokens (NFTs).

What do you think about FTX’s agreement with its Bahamas subsidiary? Share your thoughts and opinions on this topic in the comments section below.

Source: Bitcoin.com

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