Voyager Digital has set aside $484 million to repay creditors.
Key Takeaways
- Voyager Digital secures $484 million primarily through settlement with FTX to repay creditors.
- D&O insurance settlements and ongoing litigation with Three Arrows Capital are also contributing to the repayment funds.
- Voyager processed 270,000 uncashed checks worth $17 million and set a cashing deadline of April 20.
Voyager Digital, a cryptocurrency company that declared bankruptcy in July 2022, successfully It raised $484 million to pay off creditors.
Most of this amount, approximately $450 million, is Payment with the now-collapsed cryptocurrency exchange FTX.
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This would result in an additional $14.35 million. agreement In Directors and Officers Insurance Arbitration.
As a member of the Three Arrows Capital (3AC) Creditors Committee, Voyager also Initial costs of fund litigation proceedings $20.43 million That amounts to about $675 million of the total claims pool.
Voyager’s restructuring plan was approved in May 2023. We promise to recover at least 35% of the billed amount from our customers.
Despite progress in customer redemptions, Voyager still faces operational challenges, including: 270,000 uncashed checks; Most of them cost less than $25, totaling $17 million. The company has set it up as follows: The deadline to cash this check is April 20th.
Despite these challenges, Voyager remains committed to meeting its obligations to its creditors, emphasizing a determined yet optimistic post-bankruptcy journey.
The company’s difficulties also affect its partners. A few months ago, a class action lawsuit was filed targeting the NBA for allegedly neglecting to approve a marketing deal with Voyager Digital, which resulted in investor losses exceeding $4.2 billion.
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