FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing

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Accord­ing to a court fil­ing on Nov. 20, FTX Trad­ing LTD owes its top 50 cred­i­tors over $3 bil­lion USD. The doc­u­ment, which was sub­mit­ted through the Unit­ed States bank­rupt­cy court for the dis­trict of Delaware, was filed as part of the company’s Chap­ter 11 bank­rupt­cy proceedings.

The fil­ing indi­cat­ed that FTX owes the top indi­vid­ual alone in excess of $226 mil­lion USD, with all oth­ers owed sums approx­i­mate­ly rang­ing between $21 mil­lion and $203 mil­lion. The cred­i­tors’ iden­ti­ties are unknown, and their loca­tions undis­closed. The doc­u­ment explained:

“The Top 50 List is based on the Debtors’ cur­rent­ly avail­able cred­i­tor infor­ma­tion, includ­ing cus­tomer infor­ma­tion that was able to be viewed but is not oth­er­wise acces­si­ble at this time. The Debtors’ inves­ti­ga­tion con­tin­ues regard­ing amounts list­ed, includ­ing pay­ments that may have been made but are not yet reflect­ed on the Debtors’ books and records. The Debtors are also work­ing to obtain full access to cus­tomer data.”

Fol­low­ing its rapid col­lapse, FTX filed for Chap­ter 11 bank­rupt­cy on Nov. 11. The com­pa­ny announced at that time that it had hired a new CEO, John J. Ray III, to over­see the pro­ceed­ings, and that the company’s for­mer CEO Sam Bankman-Fried had resigned from his position.

Ray stat­ed at the time, “The imme­di­ate relief of Chap­ter 11 is appro­pri­ate to pro­vide the FTX Group the oppor­tu­ni­ty to assess its sit­u­a­tion and devel­op a process to max­i­mize recov­er­ies for stake­hold­ers. […] The FTX Group has valu­able assets that can only be effec­tive­ly admin­is­tered in an orga­nized, joint process.”

The fil­ings fol­low­ing that ini­tial announce­ment have since spec­u­lat­ed that FTX may have over 1 mil­lion cred­i­tors total. 



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