-Paul Hastings LLP has been chosen to represent FTX creditors in the crypto exchange’s bankruptcy proceedings.
-The creditors’ committee chose Paul Hastings from among a number of firms that pitched for the role.
-At a meeting of FTX creditors held Tuesday, U.S. Trustee Juliet Sarkessian urged creditors looking to secure their representation in the case to reach out to the committee’s counsel once formally in place.

Paul Hastings LLP has been selected to represent creditors of FTX, a global crypto exchange, in the company’s bankruptcy proceedings. The court document filed on the same day showed that New York law firm Paul Hastings, along with Delaware-based Young Conaway Stargatt & Taylor LLP, will be handling “all papers served or required to be served,” in the bankruptcy case on behalf of creditors.

The decision to appoint Paul Hastings came after a thorough selection process in which numerous firms pitched for the role. The creditors’ committee, which was formed last Thursday, chose the law firm among the many who applied. As for financial advisement, the process for that is ongoing.

At a meeting of FTX creditors held Tuesday, U.S. Trustee Juliet Sarkessian urged creditors looking to secure their representation in the case to reach out to the committee’s counsel once they were formally in place. “They can be contacted,” said Sarkessian, a U.S Department of Justice official charged with overseeing bankruptcy cases. “They do not represent you [the creditors] personally. They may be able to provide some help though, and they may even create their own website potentially for information for creditors.”

The bankruptcy proceedings come after FTX collapsed and is attempting to gather over $1 billion in cash assets scattered across the globe. Meanwhile, FTX’s disgraced founder Sam Bankman-Fried was set to be extradited from the Bahamas to the U.S. to face criminal charges. Additionally, two executives in his inner circle, Caroline Ellison and Gary Wang, agreed to a plea deal with the Justice Department.

Paul Hastings’ involvement in the case will be crucial in helping creditors recover their assets and for the company to make a successful recovery. With the selection of Paul Hastings, creditors now have the representation they need to navigate through this difficult situation.

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