Bullet Points:
• FTX claims are being sold on the bankruptcy marketplace Xclaim with buyers offering around 13 cents on the dollar.
• This is in contrast to other failed companies such as Voyager Digital, BlockFi and Celsius Network, which are getting much higher prices.
• Xclaim’s chief strategy officer, Andrew Glantz, attributes the discount to the lack of public information available about the claims.
Article Rewrite:
The claims trading platform Xclaim has seen an influx of interest from FTX, and with it comes an opportunity for creditors to recoup a portion of their losses. The $91.7 million in FTX creditor claims are currently being offered on the bankruptcy marketplace Xclaim, with buyers offering around 13 cents on the dollar. This is in stark contrast to the much higher prices that other failed companies, such as Voyager Digital, BlockFi and Celsius Network, are getting, with their claims trading at 41 cents, 28.5 cents and 18.5 cents, respectively.
Xclaim’s chief strategy officer, Andrew Glantz, believes this discount is due to the lack of public information available about the claims. With 117 parties expressing interest in buying units of FTX, the deadline for initial bids is quickly approaching. This sale could potentially lead to big changes for the bankruptcy case, especially when it comes to the stock-clearing platform Embed, FTX Japan, FTX Europe and LedgerX.
For FTX creditors, this is a chance to potentially recoup some of their losses and get back on their feet financially. However, at only 13 cents on the dollar, it means they will not be able to get back the full amount they are owed. Still, this is an opportunity to invest in a company with a lot of potential and, hopefully, get a return on the investment.
The sale of FTX creditor claims is an example of how the bankruptcy process can be used to help investors recoup some of their losses. It is also an example of how the market can be utilized to make sure creditors are fairly compensated for their losses. With the opportunity to purchase units of FTX at a discounted rate, this could be an attractive option for potential buyers.