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HomeBusinessFTX US and Bahamian joint provisional liquidators reach cooperation agreement

FTX US and Bahamian joint provisional liquidators reach cooperation agreement

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by Natario McKenzie (Eyewitness News) NASSAU, BAHAMAS — FTX Trading Ltd and its affiliated US debtors announced yesterday that they have come to terms for “mutual cooperation” with the Bahamian-appointed joint provisional liquidators in their recovery efforts, ending a weeks-long courtroom stand off over access to vital information regarding the collapsed crypto empire.

FTX announced yesterday that the agreement would see cooperation between both sides in the Chapter 11 cases in Delaware and the provisional liquidation of FTX Digital Markets (FTXDM) in The Bahamas.

“Under the cooperation agreement, the parties commence work together to share information, secure and return the property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries,” read a statement from the company.

“The parties have agreed on parameters for involving FTX DM in the chapter 11 cases and for involving the FTX Debtors in proceedings in The Bahamas. The parties also agreed on the disposition of real estate in The Bahamas in a process operationally led by the JPLs and overseen by courts in both jurisdictions, as well as a process to confirm the inventory of digital assets under the control of the Securities Commission of The Bahamas in the Fireblocks account previously disclosed by the FTX Debtors. The parties are each comfortable the digital assets have been appropriately safeguarded by the Securities Commission as restructuring discussions continue.”

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