NASSAU, BAHAMAS — FTX’s Bahamian liquidators have reported substantial headway in resolving outstanding disputes and claims with their US counterparts as they work towards a comprehensive global settlement.
In an update to the bankruptcy court in Delaware on November 21 regarding developments in the Bahamian official liquidation, Brian Simms KC of Lennox Paton and the Pricewaterhouse Coopers (PWC) team, Peter Greaves, and Kevin Cambridge, underscored the positive nature of the ongoing negotiations.
The official liquidators informed the US court that the parties have engaged in good-faith, arm’s-length discussions spanning several months to define the terms of a potential global settlement.
“FTX Digital and the Chapter 11 debtors are making meaningful progress on resolving all their outstanding disputes and claims. Based on their efforts and the advancements in a prospective settlement, the parties have sought consensual extensions of the time to respond to claims and counterclaims in the adversary proceeding commenced by the Chapter 11 debtors,” the statement noted.
On November 10, the Supreme Court heard the Securities Commission’s application to place FTX Digital, the failed crypto exchange’s Bahamian subsidiary, into official liquidation. The court subsequently granted a winding-up order.
To date, the Bahamian liquidators have received 52,931 claims from purported creditors, investors, and clients of FTX Digital Markets.
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