FTX US Secures Bid to Obtain the Assets of Bankrupt Voyager
FTX.US, the famous crypto exchange based in the United States, was approved on the behalf of the bankruptcy court to participate in the asset purchase contract with Voyager. As per the official declaration, the valuation of FTX US is approximately $1.422B. as mentioned by Voyager (a bankrupt crypto lending firm), it will move ahead with a consumer vote regarding the wider recovery strategy, entailing the sale’s implementation to the exchange of cryptocurrency.
FTX US Gets the Bid to Own Voyager’s Assets
The deadline for the respective voting is the 29th of the next month. The beleaguered lending platform expressed that the strategy will heighten the recoveries to facilitate the creditors. Voyager stated that the selection of FTX.US was done as the finest bid for the assets following several bidding rounds of the auction procedure. The whole procedure spanned a couple of weeks and saw an enthusiastic contribution made by the Official Committee of Unsecured Creditors (UCC).
The lending venue also said that the bid is considerably advantageous for consumers in comparison with the original bid thereof. It remarked that it would elevate the value to be returned to its consumers in a little period. Apart from that, the UCC also favors the winning bid of FTX.US and considers that the strategy should be confirmed to guarantee that the clients get supplies in the largest amount.
FTX.US Ponders over a Plan for Voyager Clients’ Fund Recovery
After this development, Sam Bankman-Fried (the CEO of FTX) expressed his excitement and said that he is optimistic about approval that would be issued by the bankruptcy court. With this, he added, they can start operating in close collaboration with Voyager’s group to return the consumers’ funds legitimately in the shortest possible time. However, former reports indicated that a recovery strategy was being contemplated by FTX.US to give back approximately seventy-two percent of the funds of Voyager’s clients.
A noteworthy thing is that the contract, nonetheless, cannot have approval till Michael E. Wiles (the US Bankruptcy Judge) grants a plan for the bankruptcy payout, which is to take place in mid-December 2022. Following the plan’s approval, FTX.US and Voyager will have the permission to go ahead with terminating the sale as well as start the procedure of giving the value back to the clients through the exchange accounts under their possession.
