Voyager bankruptcy lawyers confirmed that the majority of the Voyager creditors are in favour of the plan to sell its assets to the Binance exchange.
Voyager Digital was a popular crypto-leading platform but failed to survive during the high volatility situation of the crypto market. Indeed Three Arrow Capital (3AC) firm failed to repay its $666 million loan. Under a bad financial position, on 1 July 2022, Voyager suspended the withdrawal & deposit of funds on the platform and later on 5 July filed for bankruptcy under the chapter 11 code.
Initially, FTXUS & BinanceUS exchanges independently were trying to acquire Voyager Digital and finally in August FTX succeeded to win the bid to acquire Voyager but the collapse of FTX’s business in Nov 2022 resulted in a good opportunity for Binance to acquire Voyager.
On 22 Feb 2023, Voyager Digital Bankruptcy Lawyers confirmed in the court that 97% vote by the Voyager creditors are ready to go with Voyager assets sell to BinanceUS.
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“As of last night, creditors are still overwhelmingly voting to accept the plan at 97%,” Allyson Smith of Kirkland & Ellis, representing Voyager, told bankruptcy judge Michael Wiles, with a deadline to vote on or object to the plan due to close at 4:00 p.m. ET
Smith said that the Voyager bankruptcy team is on track with their plan to hand over the business to BinanceUS and also they don’t see any road bump in their plan. She also said that lawyers believe the whole plan will be completed by 2 March of this year.
Voyager Digital & Hurdles
Since the bankruptcy filing, Voyager faced multiple road bumps to revive its platform to save investors. First of all, in July 2022, the Federal Reserve and the FDIC sent a notice to Voyager Digital over false & misleading statements.
In August the company secured legal approval to release $270 million to the customers in cash but later that approval was suspended by the court as a part of bankruptcy proceedings.
In September, FTX exchange won the bid for $50 million to acquire Voyager digital but again FTX itself collapsed & filed for bankruptcy on 19 Nov 2022.
Read also: Russian CBDC is ready for its pilot phase
97% of Voyager creditors are in favour of the sale plan to BinanceUS
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