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Voyager Digital’s plan of liquidation effective as of May 19
By Sarah Lizee
Olympia, Wash., May 22 – Voyager Digital Ltd.’s Chapter 11 plan of liquidation went effective on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, the company’s Chapter 11 plan of liquidation was confirmed on March 10. The plan was centered on a sale to BAM Trading Services Inc. (Binance US) for $1.3 billion, but Binance terminated the deal in late April.
On May 5, Voyager filed liquidation procedures, which outline the steps customers need to take for their claims.
There are 38 unsupported tokens that cannot be withdrawn in kind. Voyager Digital said it would liquidate those tokens on the effective date and account holders would receive their pro rata recovery of the unsupported tokens.
There are 67 tokens which can be withdrawn in kind. Those holders were to receive their pro rata recovery in kind.
VGX is separate. Holders of VGX were to receive their pro rata recovery on account of VGX in U.S. dollars.
Voyager said there would 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 are being 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.
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