FTX has filed for bankruptcy in the US, seeking to remove Turkish units from the scope of the case, claiming that Turkish authorities are unlikely to follow US court orders.
Turkish law enforcement has launched a probe into FTX’s activities and ordered the seizure of virtually all assets, making it impossible to include them in the restructuring plans.
The request is for FTX Turkey, an 80% locally-owned subsidiary and SNG Investments, a wholly-owned subsidiary of FTX’s trading arm Alameda Research.
Both are considered “not strategic” with assets and activities largely confined to Turkey. The parent company may still take action under Turkish law and some Turkish creditors have already started filing claims.
A hearing is due on March 8th, with non-US creditors forming a committee to ensure representation in the case.
