Crypto bankrupt Voyager Digital will begin distributing funds to its customers “in the coming weeks.” They reported this through the Official Committee of Unsecured Creditors.
4/ 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.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) May 4, 2023
At the moment, the company is completing work on everything that is necessary for such transfers. Now it is important that creditors approve the Liquidation Process. They have 10 days to file objections.
2/ The Liquidation Procedures will provide details on the process for creditors to receive distributions. After the Liquidation Procedures are filed, parties will have 10 days to object.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) May 4, 2023
The plan initially included two options – with the purchase of Binance US and without a deal. The crypto exchange recently withdrew from an agreement with Voyager, citing regulatory concerns. Therefore, the bankrupt company implements a fallback restructuring plan.
So far, 6% of creditors have voted for this plan. Of these, 97% said yes. The plan suggests that 73% of assets are recoverable and returned to customers. However, this amount may decrease to 48%, as FTX and Alameda Research have their own claims to the company’s assets.
As of March, Voyager held $757.8 million worth of assets. However, this amount could be higher, as news of their mass altcoin sale for $56 million later surfaced. This is how the platform got rid of volatile assets.
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