Bankrupt cryptocurrency lender Voyager Digital has gained permission to initiate the reimbursement process for its creditors, marking a significant turn of events in the firm's bankruptcy saga after a ruling by the U.S. Bankruptcy Court for the Southern District of New York.
Judge Michael Wiles has greenlit Voyager's liquidation strategy, paving the way for the firm to repay approximately $1.33 billion in digital assets to its customers. Voyager’s Official Committee of Unsecured Creditors said it’s now working with Voyager to go “effective under the plan as soon as possible (as early as this Friday).”
The Committee will dissolve following the enactment of the liquidation plan, aiming for June 1 as the final date for the initial disbursement of funds.
Voyager's third bankruptcy plan came into being on May 5, subsequent to Binance.US's decision to withdraw from its agreement with the lender. Information from Voyager’s website shows its estate is in possession of $1.334 billion in assets, which equates to 75.68% of the aggregate value of customer claims.
Over “certain holdbacks” customers are to anticipate an initial payment of 35.72% of their claims. Further distributions depend on the result of future litigations that revolve around the “FTX/Alameda preference claim dispute, the success of any additional claims brought by the Voyager Plan Administrator against third parties, as well as any recovery by the Voyager estate as a creditor in the Three Arrows Capital liquidation.”
Under Judge Wiles' mandate, Voyager affirmed that preliminary payments would be made either in cryptocurrency via the Voyager app, or in cash following a 30-day waiting period.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/19/
- :has
- :is
- 1
- 2023
- a
- Additional
- After
- against
- Agreement
- Aiming
- an
- anticipate
- any
- app
- approximately
- ARE
- around
- AS
- Assets
- Bankruptcy
- Bankruptcy Court
- BE
- being
- Billion
- binance
- BINANCE.US
- brought
- by
- came
- capital
- Cash
- claim
- claims
- COM
- committee
- Court
- creditor
- creditors
- crypto
- crypto roundup
- CryptoCompare
- cryptocurrency
- cryptocurrency lender
- customer
- Customers
- Date
- decision
- digital
- Digital Assets
- Dispute
- distributions
- district
- Early
- either
- equates
- estate
- events
- final
- Firm
- following
- For
- Friday
- from
- funds
- further
- future
- Go
- HTTPS
- in
- information
- initial
- initiate
- into
- ITS
- judge
- june
- lender
- Liquidation
- made
- mandate
- marking
- May..
- Michael
- New
- New York
- now
- of
- official
- Official Committee
- on
- or
- parties
- Paving
- payment
- payments
- period
- permission
- plan
- plato
- Plato Data Intelligence
- PlatoData
- possession
- possible
- process
- recovery
- repay
- result
- roundup
- ruling
- s
- saga
- Said
- Shows
- significant
- Soon
- Southern
- Southern District of New York
- Strategy
- subsequent
- success
- that
- The
- their
- Third
- third parties
- this
- three
- Three Arrows
- Three Arrows Capital
- to
- TURN
- u.s.
- under
- unsecured
- us
- value
- via
- Voyager
- Voyager Digital
- Waiting
- Way..
- WELL
- which
- will
- with
- withdraw
- working
- would
- york
- zephyrnet
