| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Voyager Digital Ltd. > News item |
Voyager gets approval of liquidation procedures for account holders
By Sarah Lizee
Olympia, Wash., May 18 – Voyager Digital Ltd. received approval of liquidation procedures from the U.S. Bankruptcy Court for the Southern District of New York on Thursday, according to an order.
As previously reported, the company set the liquidation procedures after BAM Trading Services Inc. (Binance US) terminated its agreement to purchase Voyager’s assets for $1.3 billion.
The liquidation procedures outline the steps customers need to take for their claims.
There are 38 unsupported tokens that cannot be withdrawn in kind. Voyager Digital will liquidate those tokens on the effective date and account holders will receive their pro rata recovery of the unsupported tokens.
There are 67 tokens which can be withdrawn in kind. Those holders will receive their pro rata recovery in kind.
VGX is separate. Holders of VGX will receive their pro rata recovery on account of VGX in U.S. dollars.
There will be a platform reopening date and holders will be permitted to make cryptocurrency withdrawals in either cash or kind, as delineated by the type of coin, for 30 days following the reopening date. Withdrawals will be made from the holder’s designated wallet address.
Holders will be treated equally, whether they are in a supported jurisdiction or an unsupported jurisdiction.
An estimated initial recovery to a hypothetical claimholder in a table showed a 35.72% distribution recovery, but the table was for illustrative purposes only.
Potentially, recoveries may increase. The increase is based on if the debtors prevail in the FTX/Alameda preference dispute.
Voyager Digital is a cryptocurrency broker based in New York. The company filed bankruptcy on July 5, 2022 under Chapter 11 case number 22-10945.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.