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Voyager Digital disclosure statement OK’d; plan hearing Dec. 8
By Sarah Lizee
Olympia, Wash., Oct. 21 – Voyager Digital Ltd. received approval of the disclosure statement for its Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.
The plan confirmation hearing is scheduled for Dec. 8.
Under the recently amended plan, the company will sell its assets to West Realm Shires Inc. (FTX) for roughly $1.42 billion.
FTX will purchase all cryptocurrency on the Voyager platform, other than Voyager token (VGX), at fair market value at a to be determined date.
FTX has also offered to purchase all VGX in the debtors’ estates for $10 million. This will act as a floor as the debtors continue to seek other offers.
The plan contemplates payment in full od administrative claims, secured tax claims, priority tax claims and other priority claims.
It also provides for the distribution of cryptocurrency, cash and any remaining assets at OpCo (including any recovery on account of the Three Arrows Capital claims) to account holders and holders of OpCo general unsecured claims, subject to the terms of the asset purchase agreement.
Additionally, the plan provides for distribution of cash and other assets at HoldCo and TopCo to holders of related general unsecured claims.
It also provides for any residual value at TopCo after payment in full of TopCo general unsecured claims to be distributed to holders of section 510(b) claims, if any, and holders of existing equity interests.
The plan conveys all Alameda loan facility claims and any recovery on account of those claims to OpCo under the asset purchase agreement.
And, the plan designated a wind-down entity trustee to wind down the debtors’ affairs.
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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