TechFlow news — John J. Ray III, CEO of the bankrupt cryptocurrency exchange FTX, is leading creditors in unveiling plans to relaunch FTX. Last Friday, FTX released a list identifying parties permitted to purchase company assets under Section 363 of the U.S. Bankruptcy Code.
According to documents filed on June 22 in Delaware’s bankruptcy court, FTX's advisory firm Alvarez & Marsal published a roster titled “Section 363 Sale Parties.” This list includes entities interested in the revival of FTX 2.0 that have contacted the company and signed confidentiality agreements to access detailed information about the restructuring and exchange relaunch.
The list features numerous well-known firms such as Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin. However, this is not an exclusive list of potential buyers or investors but rather identifies parties expressing interest in the crypto exchange.
FTX debtors plan to initiate the sale process during the third or fourth quarter of this year and select a "stalking horse bidder." One of these companies is likely to become the stalking horse. These firms also intend to invest in FTX 2.0. The team led by John J. Ray III is currently working on the bidding process letters, engaging interested parties, arranging market maker participation, and restarting FTX Japan.
