Sam Bankman-Fried scoops up Voyager Digital’s remaining assets
The bid to buy out Voyager Digital has been won by FTX.US. Voyager filed for Chapter 11 back in July as the company reeled from the fall of Terra and Three Arrows Capital. The company tried to return money to its customers and sell off assets via auction in order to rebuild.
FTX made a bid of $1.4 Billion to buy out the company and Voyager accepted. The amount offered by FTX was higher than that of Bianance and Wave Financial which were both in the race to purchase the ailing company.
There were multiple bids made to Voyager which as stated earlier made multiple efforts to rebuild including reorganization and auctions The auctions did not fair as well as thought and it was determined that the best alternative for the stakeholders of Voyager was the FTX offer.
In the announcement Voyager stated:
“The offer of FTX maximizes value and minimizes the remaining duration of the company’s restructuring by providing a clear path forward for the debtors to consummate a chapter 11 plan and return value to the customers and other creditors”
Voyager kicked off its recovery process by allowing for companies to bid on a potential buyout. This was announced earlier this month and the team let its community know of the situation. The auction was created as yet another method for the troubled firm to get ahead of the situation and allow some form of closure for its customer base. Voyager has also stated that the auction does not change the Bar Date or the need for customers making a decision on whether or not to file a claim, though there is an October third deadline.
Voyager may have been given a light at the end of a very dark and scary tunnel but there are still other firms that are still dealing with liquidation. Celsius, a crypto lender has also filed for Chapter 11 but there are constant rumors that the company is insolvent as the company is $1.2 billion short on its $5.5 billion debt. Celsius has been accused of “gross mismanagement” by Judge Martin Glenn in the United States as the judge has appointed an independent examiner to further investigate.
Hodlnaut based in Singapore has also applied for “breathing space” and was approved for judicial management to prevent a total liquidation process. This “breathing room” has kept its customer base holding their breath as withdrawals have been disabled on the platform.
Solanews has reached out to FTX but has not been given a reply at the moment.