FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing
According to a court filing on Nov. 20, FTX Trading LTD owes its top 50 creditors over $3 billion USD. The document, which was submitted through the United States bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings.
FTX discloses its top 50 creditors are owed $3.1 billion. The largest creditor is owed $226 million.All names were redacted. — Tom Dunleavy (@dunleavy89) November 20, 2022
The filing indicated that FTX owes the top individual alone in excess of $226 million USD, with all others owed sums approximately ranging between $21 million and $203 million. The creditors' identities are unknown, and their locations undisclosed. The document explained:
“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”
Following its rapid collapse, FTX filed for Chapter 11 bankruptcy on Nov. 11. The company announced at that time that it had hired a new CEO, John J. Ray III, to oversee the proceedings, and that the company’s former CEO Sam Bankman-Fried had resigned from his position.
Ray stated at the time, “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders. [...] The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”
The filings following that initial announcement have since speculated that FTX may have over 1 million creditors total.Source