FTX Trading Ltd. (d.b.a. FTX.com) and roughly 101 additional affiliated companies (collectively, the “FTX Debtors”) announced today that the majority of FTX subsidiaries worldwide have resumed making regular payments of salaries and benefits to their staff members globally as well as regular payments to some non-American contractors and service providers.

According to John J. Ray III, “I am glad that the FTX group is continuing ordinary course cash payments of salaries and benefits to our surviving employees around the world. This is due to the Court’s acceptance of our First Day motions and the work being done on global cash management. In addition, FTX is paying specific non-American vendors and service providers in cash when doing so is necessary to maintain company operations, within the bounds of the Bankruptcy Court-approved ceilings. We acknowledge the difficulties caused by the brief disruption in these payments and are grateful to all of our esteemed partners and employees for their assistance.

The relief comprises cash payments with regard to both the pre-petition and post-petition periods, under the pre-petition payment restrictions set by the Bankruptcy Court’s instructions. For all products and services delivered on or after the Chapter 11 filing date, the FTX group will pay suppliers and service providers in the regular course of business.

Employees or contractors of the FTX Debtors are the only ones eligible for the relief in The Bahamas; FTX Digital Markets Ltd. employees or contractors are not (“FTXDM Bahamas”). FTXDM Bahamas is neither a party to or protected by the chapter 11 litigation in the United States and is the subject of a separate liquidation procedure in The Bahamas.

Source: Prnewswire