The FTX Group of companies undergoing bankruptcy proceedings extended the preliminary bid deadline for its Japan and Europe affiliates as administrators scramble to raise funds to help pay back creditors.

According to the Bloomberg report, the court filing said the new deadline has been set for March 8, while the auction date has been moved to April 26.

• The development comes two weeks after Judge John Dorsey, currently overseeing FTX’s liquidation, approved the group’s motion to sell four units – derivatives arm LedgerX, stock-clearing platform Embed, FTX Japan, and FTX Europe.
• The last two underwent license and business suspensions in December last year.
• The Japanese business has reportedly segregated client funds and will initiate the return of assets to customers in February.
• As per Japan’s Financial Services Agency’s statement, the unit will lose its licenses even if its owner changes.
• Kevin Cofsky, a partner at Perella Weinberg, the investment bank representing FTX US and affiliated firms, stated in a court filing that nearly 117 parties, including different financial and strategic counterparties across the world, had expressed interest in purchasing one or more of FTX’s businesses.
• 41 of those expressed interest in FTX Japan, and 40 were in FTX Europe.
• FTX co-founder and former chief executive Sam Bankman-Fried is facing a litany of charges in the United States.
• The group, which slid into bankruptcy last year, had around $1.4 billion in cash as of the end of 2022, according to an interim financial update. The figure is 19% higher than the previously reported $1.2 billion.