Voyager Digital names FTX US winning bidder for assets

By Sarah Lizee

Olympia, Wash., Sept. 28 – Voyager Digital Ltd. named West Realm Shires Inc. (FTX US) the winning bidder for its assets following an auction held Sept. 13, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of New York.

A sale hearing is scheduled for Oct. 19. Objections to the sale are due by 4 p.m. ET on Oct. 12.

FTX US' bid is valued at about $1.422 billion, comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion, plus (ii) additional consideration that is estimated as providing about $111 million of incremental value.

The company's claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate's creditors.

Voyager said in a press release that FTX US' bid 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 their customers and other creditors.

The sale to FTX US will be completed under a Chapter 11 plan, which will be subject to a creditor vote and is subject to other customary closing conditions.

Voyager Digital is a cryptocurrency broker based in New York. The company filed bankruptcy on July 5 under Chapter 11 case number 22-10945.

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