FTX Trading Ltd., also known as FTX.com, and its affiliated debtors have announced that FTX Europe AG, which is the holding company of FTX’s European business, has filed for a Swiss moratorium proceeding. The Moratorium was granted by a Swiss court on April 11, 2023.
FTX Europe AG has stated that the Moratorium process will allow for the exploration of strategic alternatives, including the potential sale of its business according to bidding procedures approved by the U.S. Bankruptcy Court. However, the Moratorium will not impact the previously announced process for confirming customer balances and allowing for the withdrawal of funds from FTX EU Ltd.
As part of the Moratorium, the Swiss court appointed an administrator for FTX Europe AG. It’s important to note that FTX Europe AG is also a debtor in the Chapter 11 proceedings in Delaware.