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FTX Turkey Removed from Bankruptcy Case by Delaware Court

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It is reported that the judge of the Delaware Bankruptcy Court approved the removal of its Türkiye subsidiary FTX Turkey from the FTX bankruptcy case. After FT…

FTX Turkey Removed from Bankruptcy Case by Delaware Court

It is reported that the judge of the Delaware Bankruptcy Court approved the removal of its Türkiye subsidiary FTX Turkey from the FTX bankruptcy case. After FTX filed for bankruptcy last November, Türkiye’s law enforcement authorities announced that the company’s activities in the local area were under investigation, and then ordered the confiscation of most of FTX’s assets in the country. FTX’s new management in the United States argued that it was futile to include FTX Turkey and SNG Investments (whose assets and activities were mainly limited to Türkiye) in the restructuring plan. The court found that the request was in the best interests of FTX and its assets.

US Judge Approves Removal of Its Türkiye Subsidiary from FTX Bankruptcy Case

Analysis based on this information:


The Delaware Bankruptcy Court has approved the removal of FTX’s Türkiye subsidiary from the FTX bankruptcy case. This decision comes after Türkiye’s law enforcement authorities ordered the confiscation of most of FTX’s assets in the country, following an announcement that the company’s activities were under investigation.

FTX had filed for bankruptcy last November, and its new management in the United States argued that it was futile to include FTX Turkey and SNG Investments, whose assets and activities were mainly limited to Türkiye, in the restructuring plan. The court has now found that this request was in the best interests of FTX and its assets.

The removal of FTX Turkey from the bankruptcy case indicates that the court believes there may be potential value in the subsidiary separate from FTX’s overall restructuring efforts. However, this decision may also have been influenced by the ongoing investigation in Türkiye and the seizure of FTX’s assets in the country.

It is unclear what the future holds for FTX Turkey and the confiscated assets in Türkiye, but this decision by the Delaware Bankruptcy Court could signal the possibility of a separate sale or restructuring for the subsidiary. The removal of FTX Turkey from the bankruptcy case emphasizes the importance of considering the unique circumstances of each subsidiary and asset in restructuring efforts.

Overall, this news highlights the complexities of international bankruptcy cases and the challenges faced by companies operating in multiple countries. Amid ongoing investigations and asset seizures, FTX and its subsidiaries will need to navigate a complex legal landscape to emerge from bankruptcy.

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