Sam Bankman-Fried's Alameda Research Owes Bankrupt Voyager $377M
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Borrower Bailing Out Its Lender
Following the Chapter 11 Bankruptcy filing made by Voyager Digital, it was revealed that Alameda borrowed roughly $376.8 million at an interest rate of 1% to 5% from the crypto lender. Other borrowers include Three Arrows Capital, Genesis Global, and Galaxy Digital.
Alameda's debt makes it Voyager's second-largest borrower after the insolvent Three Arrows Capital. This is interesting considering just weeks ago, Alameda Research attempted to bail out and provided a credit facility to Voyager for up to 15,000 bitcoin as well as $200 million in cash and USDC.
At one point, Alameda and its venture arm, Alameda Ventures, were the single largest Voyager shareholders with 11.6% of all outstanding shares, as of June 17. A week later, on June 23, Alameda Research announced that it had surrendered, or returned in exchange for no money, 4.5 million of its shares. Those shares were worth $2.6 million at the time.
While being one of the largest counterparties to Voyager, Alameda notably reduced its outstanding loans rather substantially from the end of the first quarter. As of March 31, the company had a total of $728.2 million in outstanding debt with Voyager, meaning it has returned roughly half of its outstanding debt over the last 90 days.
