eleaguered crypto exchange FTX extends the deadline to bid for its Japan and Europe subsidiaries amid efforts by administrators to raise funds for creditors.
Bidders are now informed about March 8 as the preliminary bid deadline for the scheduled auction on April 26, according to the court filing on Wednesday.
FTX Extends Bid Deadline For Japan and Europe Subsidiaries
FTX under CEO John Ray III received court approval in January to auction several FTX subsidiaries, including LedgerX, FTX Japan, and FTX Europe to pay back creditors.
According to a court filing on February 1, FTX filed with the U.S. Bankruptcy Court for the District of Delaware to extend the bid deadline and revised dates for sale of FTX Japan and FTX Europe.
The preliminary bid deadline is now March 8 and the bid deadline is April 19, with the auction date set to April 26. In addition, the sale hearing for the FTX Japan and Europe subsidiaries is on May 1.
Earlier, March 15 was set as the bid deadline, March 21 as the date of the auction, with March 27 as the date of the sale hearing for each of FTX Japan and FTX Europe.
Moreover, The Japanese subsidiary has started the procedure for returning client funds and is expected to return the assets to customers by this month. FTX Japan will not lose its licenses even if its owner changes, said Japan’s Financial Services Agency in January.
Sam Bankman-Fried Seeks His Funds
While FTX under new CEO John Ray III trying to return funds to creditors, former CEO Sam Bankman-Fried trying to communicate secretly to FTX officials and seek the return of his funds.
On Wednesday, U.S. District Judge Lewis Kaplan placed a temporary restraining order against Sam Bankman-Fried, preventing him from communicating with current or former employees of FTX and Alameda Research.
Main content of the article:
FTX, a crypto exchange, has extended the deadline for bidders to submit their bids for its Japan and Europe subsidiaries. The bid deadline is now March 8 and the auction date is April 26. The sale hearing for the subsidiaries is scheduled for May 1. FTX is attempting to return funds to creditors and former CEO Sam Bankman-Fried is trying to communicate with FTX officials to seek the return of his funds. A temporary restraining order has been placed against Bankman-Fried, preventing him from communicating with FTX and Alameda Research employees. FTX Japan is also in the process of returning customer funds.