Voyager Customers Approve Bankruptcy Proposal Before Hearing

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Voyager Digital tweeted on Tuesday that 98% of its credit claimants approved the lender’s Chapter 11 bankruptcy plan.

Bankruptcy administration company Stretto tallied the votes, revealing 59,183 people supported the restructuring proposal.

Voyager Bankruptcy Court Filing

$1B Rescue Proposal by Binance.US

Voyager’s bankruptcy case hearing on Thursday will reveal more details.

The filing noted, “65% (40,098) of Holders of Claims in the Voting Classes affirmatively selected the Release Opt-In. Furthermore, 85% (726) of Holders of Claims or Interests in the Non-Voting Classes affirmatively selected the Release Opt-In.”

In December 2022, Voyager Digital declared that Binance.US had made the highest and best offer for its assets after considering its strategic choices. $1.022 billion was the approximate value of the Binance.US deal.

The agreement stipulates a deal deadline of April 18, 2023, subject to a one-month extension. In the meantime, Binance.US has set aside millions in good faith deposits and expenses. However, markets regulators opposed the proposed acquisition last week. They warned that part of the rescue package might violate U.S. securities law.

The New York Department of Financial Services and the Securities and Exchange Commission (SEC) reportedly submitted objection pleas in the case.

Voyager Selling Assets Amid Legal Battles

Lookonchain’s analysis of on-chain data has revealed that defunct crypto lender Voyager appears to be trading its assets through Coinbase Exchange.

The blockchain detective claimed that Voyager had gotten at least $100 million in USD Coin in the past week. According to the platform, Voyager has been sending cryptocurrency assets to the cryptocurrency exchange since Feb. 14.

Prior to Binance.US, FTX US sought to buy the defunct exchange. It reached a deal with the lender for about $1.5 billion. However, a legal battle has been brewing between FTX and Voyager ever since.

On January 30, FTX filed a lawsuit against Voyager Digital to recover $445.8 million in loan repayments that FTX paid to the bankrupt lender. Former FTX CEO Sam Bankman-Fried and other top executives of the insolvent cryptocurrency exchange were subpoenaed this month by Voyager Digital’s unsecured creditors.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.





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