FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing

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According to a November 20 court filing, FTX Trading LTD owes its top 50 creditors more than $3 billion USD. The document, which was filed through the US bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings.

The filing indicated that FTX owes the top individual alone more than $226 million USD, with all other amounts owed roughly ranging between $21 million and $203 million. The identities of the creditors are unknown, and their locations unknown. The document explained:

“The Top 50 List is based on the debtors’ currently available creditor information, including customer information that was visible but not otherwise accessible at this time. The debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected in the debtors’ books and records. The debtors are also working to gain full access to customer data.”

Following its rapid collapse, FTX filed for Chapter 11 bankruptcy on November 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 resigned from his position.

Ray stated at the time, “The immediate relief of Chapter 11 is appropriate to give the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders. […] The FTX Group has valuable assets that can only be effectively managed in an organized, joint process.”

The filings following that initial announcement later speculated that FTX may have more than 1 million creditors in total.