FTX: Turkey-style Bankruptcy!
Trouble in paradise, or at least in the FTX world! Recently, FTX debtors sought the dismissal of Turkish entities from bankruptcy proceedings.
Say What?!
Basically, FTX debtors don’t want the Turkish government causing any delays in their Chapter 11 bankruptcy proceedings. They want to get this whole thing cleaned up and settled quickly.
Taking a Stand
It’s not often you see a debtor willing to stand up to a government entity. But who says you can’t try to get out of hot water, even if it’s a government official!
So, why are FTX debtors trying to dismiss the Turkish entities? Well, here are a few possible scenarios:
- They want a speedier process. These bankruptcy proceedings can be lengthy, and FTX debtors want to get this wrapped up ASAP. If the Turks are excluded from the proceedings, it won’t slow down the process.
- They think the Turks won’t cooperate. We all know bureaucracy and red tape can slow down proceedings, and debtors have likely had enough of it.
- They don’t want to pay more. It’s possible that if the Turkish entities had more of a say in the proceedings, the debtors would have to pay more money.
Conclusion
It looks like FTX debtors may be trying to stay one step ahead of the game. Only time will tell if their bold move will pay off, or if they’ll be Turkey-style bankrupt!
