FTX, along with about 101 affiliated firms, also sought court relief to permit the operation of a brand new international money administration system and cost to its important distributors.

The trade and its associates filed for bankruptcy in Delaware on Nov 11 in one of many highest-profile crypto blowups, leaving an estimated 1 million clients and different traders dealing with whole losses within the billions of {dollars}.

FTX will discover gross sales, recapitalisations or different strategic transactions for a few of its models, the corporate’s new Chief Executive officer John Ray stated in an announcement.

In a courtroom submitting on Saturday FTX requested for permission to pay prepetition claims of as much as $9.3 million to its important distributors after an interim order and as much as $17.5 million after the entry of the ultimate order.

The trade stated that if it fails to obtain the requested courtroom reduction, it would lead to “immediate and irreparable harm” to its companies.

“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX’s Ray stated.

FTX has recognized 216 debtor financial institution accounts with constructive balances as of Nov 16, however has solely been in a position to confirm the balances in 144 accounts to this point, the corporate stated in a separate courtroom submitting.

The firm has appointed Perella Weinberg Partners LP as its lead funding financial institution to assist with the sale course of, topic to courtroom approval.