FTX DEBTORS FILE BIDDING PROCEDURES MOTION FOR SALE OF FOUR BUSINESSES

WILMINGTON, Del., Dec. 16, 2022 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors (together, the "FTX Debtors"), today announced that it has filed a motion with the Bankruptcy Court seeking approval of bidding procedures to conduct an orderly and efficient sales process of its Embed, LedgerX, FTX Japan and FTX Europe businesses. 

The bidding procedures motion outlines a sale process that is open to all qualified bidders, subject to the rules set forth in the bidding procedures. The FTX Debtors intend to conduct auctions for each business, and bidders may bid on one or any combination of the businesses. 

The full text of the bidding procedures motion is available on the Court Docket, which can be found online at https://cases.ra.kroll.com/FTX/.

Advisors

The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez& Marsal North America, LLC as financial advisor and Perella Weinberg Partners LP as investment banker.

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SOURCE FTX