FTX bankruptcy case: Bahamas denies improper conduct, seeks respect for legal system

During the FTX hearing on Dec. 16, FTX liquidators requested for the “Bahamian legal system to be respected” in relation to the ongoing bankruptcy case in the United States (US), while also denying allegations of any “improper conduct” on the part of the Bahamas.

The FTX debtors sought to have the Creditors’ file unsealed, citing “significant progress in identifying assets.” They also stated that they do not object to media outlets such as the New York Times and Bloomberg intervening in the unsealing of individual creditors.

James Bromley, a Partner in Sullivan & Cromwell’s Financial Restructuring Group, shared details of a meeting between debtors and liquidators from the Bahamas that took place on Dec. 15. Although no conclusive solutions were reached, Bromley reported that there was a “productive exchange of views” and the firm hopes to find a resolution prior to the Jan. 6 hearing.

Jason Zakia, a Partner at the global law firm White & Case, informed the members of the hearing that the proposal made to the debtors addresses all the issues raised by Bromley earlier in the week. Zakia stated that the Bahamas hopes the debtors will accept it in “good faith.”

For more updates about the case, please see our latest post, “What to expect from FTX’s second bankruptcy hearing today; LedgerX sale, doxing creditors, custody of funds.”

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