FTX Obtains Government Approval for "First Day" Petitions
Table of contents
“First Day” Petitions
John J. Ray III remarked that the jury is advancing as quickly as in the attempts to maximize returns for all FTX stakeholders with the Court's acceptance of the First Day petitions. The jury will continue to work to put the required controls in place, safeguard the Company's assets, and organize them.
Additionally, the prosecutor is already seeing interest from prospective purchasers for the assets as the firm and would go about reorganizing or selling FTX assets globally in an orderly manner to the advantage of stakeholders.
FTX To Work With Prosecutors
Furthermore, in an opening bankruptcy senate hearing, a lawyer for the struggling company said that the existing company leadership of FTX and its affiliated entities were working with prosecutors for the American government and regulators. According to James Bromley, an associate at Sullivan and Cromwell and co-counsel for the corporation in the United States, the company has received demands for Mr. Ray to testify before the Senate and the House of Representatives in December from the U.S. Congress.