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

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.

Interpretation of this information:

The Delaware Bankruptcy Court has approved the removal of FTX’s Türkiye subsidiary from the FTX bankruptcy case. This follows the announcement last November that Türkiye’s authorities had launched an investigation into FTX’s activities in the country, resulting in the confiscation of most of FTX’s assets. The new management team argued that including FTX Turkey and SNG Investments (whose activities were mainly limited to Türkiye) in the restructuring plan would be futile. The court found that this request was in the best interests of FTX and its assets.