FTX Creditors Committee calls on FTX to invest a portion of its nearly $2.6 billion cash reserves in short-term government bonds.

Aug 10, 2023408

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According to Bloomberg, the Official Committee of Unsecured Creditors of FTX is urging the company to invest a portion of its $2.6 billion cash reserve in short-term government bonds to generate more net income for the bankrupt estate. The committee believes this will help offset professional fees of up to $330 million incurred in the past eight months. Meanwhile, FTX management criticized traders and market makers in the key creditor group, accusing them of seeking control over assets without considering the impact on other stakeholders.

According to Bloomberg, the Official Unsecured Creditors Committee of FTX has called on FTX to invest a portion of its nearly $2.6 billion cash reserve in short-term government bonds to generate more net income for the bankrupt estate. The committee states that this will help offset professional fees of up to $330 million over the past eight months.

Meanwhile, FTX management has criticized traders and market makers in the key creditor group, accusing them of seeking control over assets regardless of the impact on other stakeholders.

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