A Swiss court has granted FTX_Official an opportunity to explore the sale of its European business, the company said on Wednesday. iamsandali reports
FTX Europe AG, the holding company of FTX's European business, filed a petition for a Swiss moratorium proceeding, which the court granted on Tuesday, according to the announcement. A, under Swiss law, enables debt restructuring or the preservation of assets for a limited time.
"FTX Europe AG notes the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S. Bankruptcy Court-approved bidding procedures," the announcement said.in the U.S. last November. According to the company's announcement, the Swiss court also appointed an administrator for FTX Europe AG, which is also a debtor in FTX's bankruptcy proceedings in the U.S.
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