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FTX Free to Explore Sale of Europe Arm, Swiss Court Decides
The firm said FTX Europe AG, the holding company of its European business, filed a petition for a Swiss moratorium proceeding, which was granted on Tuesday.
Updated Apr 12, 2023, 3:11 p.m. Published Apr 12, 2023, 1:06 p.m.
A Swiss court has approved a request by the bankrupt crypto exchange FTX to explore the sale of its European arm, the company announced Wednesday.
FTX Europe AG, the holding company of FTX's European business, filed a petition for a Swiss moratorium proceeding, which the court granted on Tuesday, according to the announcement. A moratorium proceeding, under Swiss law, enables debt restructuring or the preservation of assets for a limited time.
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"FTX Europe AG notes the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S. Bankruptcy Court-approved bidding procedures," the announcement said.
The once-prominent global crypto exchange run by Sam Bankman-Fried filed for Chapter 11 bankruptcy protection in the U.S. in November.
According to the company's announcement, the Swiss court also appointed an administrator for FTX Europe AG, which is also a debtor in FTX's bankruptcy proceedings in the U.S.
The moratorium will not stop the process to confirm customer balances in preparation for allowing the withdrawal of funds from Swiss-headquartered FTX EU Ltd.,the notice clarified.
Representatives for FTX did not immediately respond to a request for comment.
Read more: FTX EU Sets Up Website to Repay Users
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