According to recent court filings, FTX Trading LTD owes its top 50 creditors over $3 billion. The document, which was submitted through the United States bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings.
The consolidated list of creditors revealed the extent of the damage for the top 50 unsecured claims that were not insiders. The term “insider” includes relatives, any general partner of the debtor, or any corporation in which the debtor is a director, officer, or person in control.
The filings indicated that FTX owes the top undisclosed individual just over $226 million dollars. The creditors’ identities are unknown, and their locations are undisclosed. The document explained:
“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding the amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data”.
Following its rapid collapse, FTX filed for Chapter 11 bankruptcy on Nov. 11. The company announced at that time that it had hired a new CEO, John J. Ray III, to oversee the proceedings and that the company’s former CEO Sam Bankman-Fried had resigned from his position.
The filings following that initial announcement have since speculated that FTX may have over 1 million individual creditors in total.
