FTX Owes Its Largest Creditor $226 Million - InvestingChannel

FTX Owes Its Largest Creditor $226 Million

Bankrupt %CryptoExchange %FTX owes its largest creditor $226 million U.S. and its 50 biggest creditors more than $3 billion U.S., according to publicly available court documents.

The court documents shows that among FTX’s estimated one million creditors, the largest single claim is for $226 million U.S. and the second is for $203 million U.S.

The identities of the creditors are not disclosed in the court materials.

However, collectively FTX owes more than 50 creditors $3.1 billion U.S.

“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,” reads the court documents that have been prepared by bankruptcy lawyers in the FTX case.

FTX has engaged Sullivan & Cromwell as well as Landis Rath & Cobb as its bankruptcy lawyers.

Sullivan & Cromwell previously worked on the bankruptcy filing of Eastman Kodak, as well as Nortel Networks in Canada.

FTX has said that it could have as many as one million creditors lined up to receive payments in bankruptcy court.

The cryptocurrency exchange filed for bankruptcy on November 11, citing an $8 billion U.S. hole in its balance sheet.

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