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FTX Recovery Trust Withdraws Motion for Foreign Jurisdiction Restructuring

FTX Recovery Trust Withdraws Motion for Foreign Jurisdiction Restructuring

The withdrawal follows objections during an October 23 Delaware bankruptcy court hearing, delaying plans for restricted programs abroad until re-filing and notification occur.

Summary

The FTX Recovery Trust has withdrawn its motion to implement restricted programs in certain foreign jurisdictions after objections were raised during an October 23 Delaware bankruptcy court hearing. Any future restart would require re-filing and notification to relevant parties.

Terms & Concepts
  • Bankruptcy court: A specialized legal forum that handles cases involving companies or individuals unable to repay debts.
  • Restructuring: A process of reorganizing a company’s debt and operations to improve financial stability and meet obligations.
  • FTX Recovery Trust: An entity created to manage asset recovery and distributions to creditors following FTX's bankruptcy.