The cryptocurrency broker Voyager Digital prepares to reopen its application and allow clients to finally withdraw their funds, nearly a year after it filed for bankruptcy.
Voyager’s bankruptcy plan administrator, Paul Hage, said in a presentation court on June 14 that Around June 15, the Voyager app would update to show the amount available for withdrawal, and he estimated that the withdrawal period would begin sometime between June 20 and July 5..
The bankruptcy plan was first approved in court on May 17 and will result in clients initially receiving 35.72% of their claims. by withdrawing crypto through the Voyager app or in cash after 30 days.
Voyager Court adjourned for the day
Fee examiners findings approved by the judge
App will come back online on or around 15 June
Estimated window for withdrawals opening 20 June to 5 July
30 days to withdraw once window opens
all creditors will receive 35.72 initial…—Neville (@neville_p) June 14, 2023
The Voyager court adjourns for today. The judge approves the findings of the fee examiners. The app will be back online around June 15. Estimated opening of the withdrawal period: from June 20 to July 5. There will be 30 days to withdraw the money once the term is open. All creditors will receive 35.72…
Inside the presentation Hage also noted that bankrupt cryptocurrency hedge fund Three Arrows Capital still owes $650 million to Voyager.so while this first tranche of withdrawals allows just over 35% of client funds to be withdrawn, “the main focus will shift to recovering additional assets that can be distributed to creditors” once the initial distribution is complete.
Besides, an additional $445 million of client funds could also be made available to creditors pending final resolution of Alameda Research’s preferred lawsuit against Voyager, which is not expected to occur until at least mid-September 2023.
Meditation between @investvoyager and @FTX_Official is anticipated to not start until Fall 2023
Anything less than 100% return would be a devastating result for Voyager creditors! pic.twitter.com/Y6IDAOgeT7
— EthDaddy☠️ (@ETHjuiced) June 14, 2023
The meditation between @investvoyager and @FTX_Official is not expected to start until fall 2023. Anything less than 100% return would be a devastating result for Voyager’s creditors! pic.twitter.com/Y6IDAOgeT7
After originally filing for bankruptcy on July 5, Voyager filed two proposed bankruptcy plans, both of which failed..
The first of these went to FTX’s US division, FTX US, but the $1.4 billion deal fell through after FTX filed for bankruptcy..
Subsequently, a $1 billion deal with Binance.US also fell through after it backed out on April 25.citing a “hostile and uncertain regulatory climate in the United States.”
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