Voyager Digital to Liquidate Assets at Auction Scheduled on September 13
Table of contents
Voyager Digital To Liquidate Assets
Voyager Digital must have had more than one significant offer for its assets by holding an auction. The first step for customers to get their money back from the brokerage's platform would be to select the best bidder. In bankruptcy auctions, a debtor may choose to enable outside bidders to compete for its possessions to liquidate its debt. The external parties see this as a chance to purchase expensive assets for less money. After the auction, the money usually goes to the creditors.
According to Voyager's attorneys, 88 parties were interested and had contacted the company. After the bid deadline was moved from August 26 to September 6, there might have been more. It was engaged in conversations with 22 parties at the time. The lender hasn't revealed whose companies have expressed interest, but in late July, Sam Bankman-Fried made a combined offer through Alameda Ventures and FTX.
According to the source, Binance is another significant player in the sector interested in purchasing Voyager's distressed assets, while Coinbase reviewed an offer but withdrew. Voyager Digital has been working to recover client monies in addition to looking for a buyer. Last month, it received the court's permission to repay $270 million to customers. The company's platform's additional digital assets, valued at $1.3 billion, would be divided among creditors throughout the bankruptcy process.