[michael1999]

A company filing for a chapter 11 reorganization starts the process with a story about how they came to be in some temporary trouble, and how a renegotiation with the debtors will allow the firm to continue and thrive.

But in this case, FTX filed with a blank page where that story would be. Now the new CEO is explaining to the court that nobody knows how they came to be here, he has no idea if there is a viable company, and he has no idea if the money was spent, stolen, lost, or smoked. He doesn't even have a list of employees, or a reliable list of the bank accounts. He is aghast, and in no position to tell that kind of story.

I don't understand if there is any path for FTX that doesn't end in chapter 13. I certainly wouldn't bet on it.