Bankruptcy Court Approves FTX Purchase Agreement for Voyager Assets
Major crypto exchange FTX has secured the approval of a U.S. bankruptcy court to take over the assets of troubled crypto platform Voyager Digital.
In a statement, the platform said the U.S. Bankruptcy Court for the Southern District of New York decided to approve Voyager Digital’s “entry into the asset purchase agreement between FTX US and Voyager.”
“FTX US’s bid, valued at approximately $1.422 billion, is comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined future date prior to closing of the sale, which at current market prices as of September 26th is estimated to be $1.311 billion, plus (ii) additional consideration which is estimated to provide approximately $111 million of incremental value to creditors,” according to the statement.
“Voyager’s claims against Three Arrows Capital will remain with the bankruptcy estate and any recovery on account of the 3AC claims will be available for additional distribution to Voyager creditors,” the company said.
Following the approval, Voyager Digital is to move forward with a customer vote on the broader plan via which the sale to FTX US will be carried out.
“The deadline to vote on the Plan is November 29,” according to the statement. “In the coming days, our claims agent Stretto will send solicitation packets to all creditors entitled to vote on the plan, including customers.”
The latest development comes roughly three months after Voyager Digital dismissed a joint offer proposed by FTX and linked trading firm Alameda, calling it a “low-ball bid” that could disrupt the firm’s bankruptcy process.
“The AlamedaFTX proposal is nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX. It’s a low-ball bid dressed up as
Read more on cryptonews.com
