FTX Creditor Sued by Silver Point for Reneging on Sale of Claim

A Silver Point Capital LP affiliate is suing an FTX crypto creditor for allegedly backing out of the heavily discounted sale of a $10.5 million bankruptcy claim after getting a higher offer.

FPG Inc. reneged on the $1.3 million transaction, which valued the claim at 13 cents on the dollar, in response to an approach by Svalbard Holdings Ltd., a Cayman Islands holding company managed by London-based Attestor Ltd. that has “extensive experience in the secondary market for FTX claims,” according to the lawsuit filed Thursday in Delaware’s Chancery Court.

The suit by Silver Point, a leading distressed-debt investor that ...