After the collapsed crypto exchange, FTX’s Turkish units were excluded from bankruptcy proceedings in the United States. This was because authorities in Turkey are unlikely to cooperate with U.S. justices.
Delaware Bankruptcy Court Judge John T. Dorsey signed an approval order for Monday’s dismissal in response to a January request from representatives of FTX.
Just days after FTX filed bankruptcy last November, Turkish law enforcement announced that the company’s local activities were being investigated and ordered the seizure most of FTX assets in Turkey. The new management of FTX in the U.S. argued that it was not productive to include FTX Turkey (whose assets and activities are largely confined in Turkey) in the restructuring plans.
The court ruled that the request was in the “best interests” of FTX and its estates. FTX Trading Ltd. is the parent company of FTX Turkey, while Alameda Research is Alameda Research’s sister trading business.
Continue reading: FTX Wants to Remove Turkish Units from Bankruptcy Case