After the FTX restart plan was confirmed in May this year, the restructuring team once revealed that there were 75 potential bidders. However, according to news from well-known FTX creditor Sunil, the number of bidders has been significantly reduced, and there are currently only 3 companies left, and the stalking horse bid is expected to start on 10/16.

(Related reports: FTX restart plan update! CEO John Ray confirms FTX 2.0 plan)

FTX CEO John Ray narrows in 3 bids following a second round of bidding.

The stalking horse bid is to be determined on Oct 16. pic.twitter.com/KNSNTJeDbZ

— FTX 2.0 Coalition (@AFTXcreditor) October 12, 2023

FTX 2.0, launched!

According to reports in early August, the FTX restructuring team has been discussing cooperation opportunities with multiple companies to restart the FTX exchange. At that time, the FTX bankruptcy team said it may decide to cooperate with third-party investors to establish new companies outside the U.S. jurisdiction to restart or new Launch an offshore platform that is unavailable to U.S. users, and do not rule out a "merger" to conduct this transaction.

In court documents in September, FTX revealed that since May 2023, the FTX restructuring team has contacted more than 75 potential bidders with the aim of considering different potential structures, including acquisitions, mergers, recapitalizations or other transactions. to restart FTX.com and/or FTX US exchange.

(Full report: FTX restart expected? 75 potential bidders have been contacted, FTX 2.0 bidding will close on September 24)

FTX restarts progress, there are three potential bidders

Yesterday (12) evening, the FTX Creditors Alliance found new progress in FTX’s restart plan after reviewing FTX CEO John Ray’s September salary schedule. After the second round of bidding, only three creditors remain, with the stalking horse bid expected to begin on 10/16.

Note: Fake horse bidding refers to a buyer selected by a company filing for bankruptcy protection who puts forward the initial public bidding purchase price with the purpose of maximizing the value of the assets of the bankrupt company or avoiding lower bids.

In addition, Sunil, a well-known FTX creditor, also announced its known FTX bidding schedule on X (the predecessor of Twitter) today, but the actual time may be delayed by 1-2 months. The details are as follows:

  • Bidders: 3 bidders participated in the auction

  • Fake Horse Bidding: 10/16 – 10/23

  • Auction: 11/23 – 12/23

  • Auction winner announced: 12/23 – 1/24

(The timetable is for reference only, and the official situation is yet to be announced.)

FTX bidding potential timeline (+1-2 months)

Auction: 3 bidders for AuctionStalking horse: 16-Oct-23Auction: Nov-23 to Dec-23Winner: Dec-23 to Jan-24 pic.twitter.com/bY9HFtQUrl

— Sunil (FTX Creditor Champion) (@sunil_trades) October 12, 2023

This article has three bidders left! FTX restart progress update, buyers are expected to be announced before the end of January next year. First appeared in Chain News ABMedia.