FTX seeks time to respond as creditors fight freeze on $470M foreign claims

Key Points

1. FTX estate seeks a delay in Delaware court to address over 90 objections to its handling of foreign claims totaling $470 million.

2. The motion aims to provide additional time for the FTX Recovery Trust to draft and finalize its response to creditor objections.

3. Creditors in 49 countries are affected, with China accounting for 82% ($380 million) of the disputed repayment funds.

4. Weiwei Ji, representing hundreds of Chinese creditors, has voiced strong opposition to FTX's proposed handling of the claims.

5. FTX creditor Sunil Kavuri notes $1.4 billion in claims remain unresolved, with repayments to creditors beginning in February 2024, over two years after FTX's bankruptcy filing in November 2022.