1. SipPop GamesHome
  2. Metaverse Matters

FTX Requests for Extension on Reorganization Plan Submission

• Metaverse Matters • 157 views

It is reported that FTX, the cryptocurrency exchange, applied to the US judge, hoping to give another six months to submit the reorganization plan in Chapter 11

FTX Requests for Extension on Reorganization Plan Submission

It is reported that FTX, the cryptocurrency exchange, applied to the US judge, hoping to give another six months to submit the reorganization plan in Chapter 11 of the bankruptcy law. It said that after the bankruptcy last year, the company needed more time to continue to clarify its financial situation and would “soon” publish the details of its assets and liabilities. According to a motion submitted to the Delaware District Bankruptcy Court of the United States on Friday, the company requested to propose a reorganization plan before September 7, compared with the previous plan of March 11.

FTX applied to submit the bankruptcy reorganization plan within 6 months

Analysis based on this information:


FTX, a prominent cryptocurrency exchange, has reportedly applied to the US judge to extend the submission deadline for the reorganization plan in Chapter 11 of the bankruptcy law. The company cited the need for more time to clarify its financial situation and will soon release detailed information on its assets and liabilities. A motion was submitted to the Delaware District Bankruptcy Court of the United States requesting to propose a reorganization plan before September 7, 2021, requesting a six-month extension from the initial plan of March 11, 2021.

The request for an extension on the submission deadline by FTX seems to be an attempt to ease the pressure and take more time to come up with a workable plan. The process of bankruptcy is complex, and it takes time to evaluate the assets and liabilities of the company. It is understandable that FTX needs extra time to sort out its financial details and determine the road to recovery.

This move by FTX indicates that it is taking a proactive approach to reorganizing its business rather than liquidating everything. Chapter 11 of the bankruptcy law provides an opportunity for companies to restructure debts and reorganize their business operations and finances. FTX’s decision is a sign that it is willing to work with the court to develop a plan that is fair to all stakeholders.

The request for an extension on the submission deadline does not indicate the company’s failure, but rather its commitment to emerging from bankruptcy as a stronger entity. FTX’s willingness to release detailed information on its assets and liabilities shows that the company is transparent and accountable. Additionally, the extension provides more time for the company to engage in discussions with its creditors and devise a plan to resolve its debts.

In conclusion, FTX’s request for an extension on the submission deadline for the reorganization plan in Chapter 11 of the bankruptcy law is a positive sign. It indicates that the company is proactive and committed to finding a way out of bankruptcy as a stronger entity. The additional time requested will allow for a thorough evaluation of the company’s assets and liabilities, and the development of a fair and effective plan that will satisfy all stakeholders.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/6184.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/14/2023 18:10
Next 03/14/2023 18:42

Related recommendations