FTX pays employees and service providers outside of the United States of America
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Answer FTX pays employees and service providers outside of the United States of America
It told FTX Trading and about 101 additional affiliates that most of its affiliates will resume normal salary payments to employees around the world and regular cycle payments to certain contractors and service providers from outside the USA.
FTX’s new CEO, John Ray, said:
With the court’s approval of Day One’s proposals and the ongoing work on global cash management, I am pleased that FTX Group is resuming cash payments of salaries and benefits to our remaining employees around the world.
As such, FTX also makes cash payments to selected non-US vendors and service providers as necessary to maintain business operations, subject to limits established by the Bankruptcy Court.Read:Bitcoin price fell after the Federal Reserve announced a 50 basis point interest rate increase
The exemption includes cash payments related to both the pre-petition and post-petition periods, subject to the pre-petition payment limits set by bankruptcy court orders.
The FTX Group will pay sellers and service providers in the regular course for all goods and services provided on or after the Chapter 11 filing date.
FTX filed for bankruptcy protection on November 11, the same day that its founder, Sam Bankman-Fred, resigned as CEO.
In the Bahamas, the exemption applies only to employees or contractors of FTX debtors, and not to employees or contractors of FTX Digital Markets Ltd.
FTXDM Bahamas is subject to local winding up procedures and is not covered or protected by Chapter 11.Read:Grayscale prepares for legal battle with SEC over Bitcoin ETF
The exemption also does not apply to employees or contractors of FTX Australia Pty Limited and FTX Express Pty Ltd, which are subject to a separate procedure in Australia.
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