FTX To Acquire Voyager Assets Following Successful Auction
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The company did not provide many details about what would happen to Voyager clients who have yet to gain access to their cryptocurrency holdings. Voyager said that more information on crypto access would be shared when it becomes available.
FTX's Bid to Optimize Value
Voyager wrote in its statement that the bid by FTX US maximizes the company's value and reduces restructuring duration by giving the debtors a clear path to complete the chapter 11 plan to the benefit of their customers and creditors. Voyager stated that FTX US would let customers trade and store cryptocurrencies upon completing its chapter 11 cases.
Voyager's claims are against Three Arrows Capital (3AC), a bankrupt fund. The money recovered from a $650 million loan to 3AC would be given to creditors.
Dispute With Voyager
In July of this year, Voyager applied for Chapter 11 protection and has now navigated its way through the insolvency procedure. After publicly announcing their proposal for the platform around that time, FTX and sister company Alameda quarreled with Voyager. Voyager attempted to dispel any sense that FTX was a leader early in the process and said the two associated corporations failed to respect the bid procedure, which requires secrecy.
According to that first strategy, Voyager clients would have been able to register a new account with FTX and get an opening balance for their claim. However, the specifics of the now-accepted bid have not yet been disclosed. Announcing the schedule for client access to cryptocurrency, Voyager promised to provide more information.
Acceptance of the plan depends on judicial procedures, including a creditor vote. On October 19 at 4 PM EST, there will be a hearing on the subject.
