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Voyager Digital reopens bidding in wake of FTX Chapter 11 filing
By Wendy Van Sickle
Columbus, Ohio, Nov. 11 – Voyager Digital Ltd. and the official committee that represents the interests of its unsecured creditors announced that the company is evaluating strategic options as a result of the Chapter 11 filing by FTX Group, according to a news release Friday.
As reported on Oct. 30, Voyager got court approval to sell its assets to winning bidder FTX US, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.
The no-shop provisions of the asset purchase agreement between Voyager and FTX US are no longer binding, Voyager said.
As a result, Voyager has reopened the bidding process and is in active discussions with alternative bidders.
“Voyager and the [unsecured credits committee] are moving with all due care and deliberate speed to identify an alternative plan of reorganization consistent with the core objective throughout this process: maximizing the value returned to customers and other creditors,” Friday’s announcement states.
Voyager said it did not transfer any assets to FTX US in connection with the proposed transaction. FTX US previously submitted a $5 million good faith deposit as part of the auction process, which is held in escrow.
The company said it currently has no loans outstanding with any borrower.
At the time of FTX Group's Chapter 11 filing, Voyager had a balance of approximately $3 million at FTX, substantially comprising LUNA2 and SRM that it was unable to withdraw because they remain locked and subject to vesting schedules.
FTX announced Friday that it began voluntary Chapter 11 proceedings with the U.S. Bankruptcy Court for the District of Delaware.
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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