FTX CEO Details Global Empire's Restructuring Plans, Asks Stakeholders to Be Patient

The new CEO of bankrupt crypto exchange FTX, John Ray III, is in damage control mode, assuring employees, suppliers, customers, regulators and government stakeholders of FTX to be "patient" after the company collapse.

What happened: In a statement on Saturday, Ray said the company was looking forward to selling or restructuring FTX's global empire.

"I respectfully ask all of our employees, suppliers, customers, regulators and government stakeholders to be patient with us as we put in place the arrangements that the governance failures of company at FTX prevented us from setting up before filing our cases under Chapter 11,” Ray said in the statement.

"Based on our review last week, we are pleased to learn that many regulated or licensed affiliates of FTX, inside and outside the United States United, have solvent balance sheets, responsible management, and valuable franchises," added Ray.

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Ray, who was named CEO of FTX after its founder Sam Bankman-Fried resigned from the company and filed for bankruptcy, said he was "a priority" in the coming weeks to "explore sales, recapitalizations or other strategic transactions involving these subsidiaries, and others that we will identify as our work continues."

Why it matters: On Saturday, FTX debtors filed various petitions with the bankruptcy court seeking interim relief that, if granted, would allow for the operation of a new global cash management system and payment in the normal course of business for critical suppliers and suppliers of foreign subsidiaries.

A hearing is scheduled for Tuesday, November 22.

Earlier, Ray said that Bankman-Fried used FTX Group trading cash to purchase homes and other personal assets for staff and consultants.

"Never in my career have I seen such a complete failure of corporate controls and such a complete lack of reliable financial information as has happened here," said Ray.

In the court filing, Ray asked to keep FTX's new management team away from Bankman-Fried. According to Ray, Bankman-Fried continues to make "erratic and misleading" statements on Twitter and in the press.

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