The moratorium process will help the process of exploring strategic alternatives
WILMINGTON, Del., April 12, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (collectively, "FTX Debtors") today announced that the Board of Directors of debtor FTX Europe AG, the holding company of FTX's European business, has filed a petition for a moratorium procedure in Switzerland (the "Moratoria"). A Swiss court granted the Moratorium on April 11, 2023.
FTX Europe AG notes that the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to bidding procedures approved by the US Bankruptcy Court. It is important to note that the Moratorium does not modifies the previously announced process for confirming customer balances in preparation for allowing the withdrawal of funds from FTX EU Ltd.
In its order granting the Moratorium, the Swiss court appointed an administrator for FTX Europe AG. FTX Europe AG is also a debtor in the Chapter 11 proceedings in Delaware.
The FTX Debtors are represented by Sullivan
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