FTX Withdraws Motion to Restore Trust in Delaware Bankruptcy Case, Halting Foreign Restricted Procedure for Restructuring

COINOTAG News reports, citing Delaware bankruptcy court records, that FTX has withdrawn its motion to restore the trust. The firm had previously signaled the intent to deploy a restricted procedure in certain foreign jurisdictions to advance the restructuring plan. Following objections raised during the October 23 hearing, the motion was withdrawn unconditionally.

Any attempt to revive the mechanism would, in the future, require a new motion and strict adherence to notification procedures.