Voyagers asset pricing to be determined by its UCC in MarchVoyager Digital has recently informed its creditors that they can expect to receive initial cash and crypto distributions within the next few weeks. This development comes after Binance US withdrew from a deal with the now-defunct crypto lender on April 25.
Voyager is finalizing liquidation procedures
In a tweet on May 4, 2023, Voyager announced that it is “in the process of finalizing liquidation procedures.” The TSX-listed crypto lender has been navigating the bankruptcy process since July 1, 2022, when it halted withdrawals and filed for bankruptcy just days later.
Voyager was on the verge of being acquired by Binance US but had to continue with the bankruptcy process in the Southern District of New York after the deal fell through.
The company reminded creditors that liquidation procedures must be filed before the reimbursement plan can take effect. Once the liquidation procedures are finalized, Voyager’s plan to reimburse creditors can proceed.
Voyager’s reimbursement plan isn’t without potential roadblocks. The firm stated that parties will have ten full days to object to the plan.
If no objections are filed, Voyager plans to proceed with the reimbursement process. However, if an objection is filed, the court will hold a hearing to consider the objection before the plan can go into effect.
The plan included a clause detailing what would happen if the Binance US deal did not materialize, which allowed Voyager to begin liquidating assets in order to reimburse creditors.
Initial distributions are expected soon
The company expressed optimism in its recent update, stating, “Voyager is also finalizing everything internally that is necessary to make distributions to creditors.
We are hopeful that initial distributions will begin within the next few weeks.” The prospect of receiving cash or crypto back after months of uncertainty may bring some relief to creditors who have been waiting for reimbursement.
Voyager Digital’s announcement has been met with mixed reactions from its customers. While many are pleased with the progress made, others are frustrated by the delays in receiving their assets.
One person on Twitter responded to the update by pointing out that customers had been waiting for their assets since “last August and July.”
Another individual urged the company to “Hurry up!” Meanwhile, one person requested that no one file an objection to avoid further delays in the reimbursement process.
As Voyager Digital takes steps to finalize its liquidation procedures and begin initial distributions to creditors, the company’s customers will be closely monitoring updates and hoping for a resolution to this long-standing issue.
Despite the challenges Voyager Digital has faced since filing for bankruptcy in July 2022 and the subsequent withdrawal of Binance US from a potential deal, the company is now making progress in reimbursing creditors.
As the liquidation process moves forward, creditors will be eager to see how the reimbursement plan unfolds and when they can finally expect to receive their cash and crypto distributions.
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