- The main purpose is maximizing the value returned to clients
- Voyager’s claims against Three Arrows Capital are still with the bankruptcy estate
- Binance.US will make a $10 million deposit in good faith reimburse Voyager up to $15 million
Voyager Digital LLC, the operating unit of Voyager Digital Ltd., has chosen US exchange BAM Trading Services Inc.’s bid (operating as Binance.US) as the best and highest for its assets after reviewing strategic options.
The main purpose is maximizing the value returned to clients and creditors as soon as possible, CoinJournal learned from a press release.
Binance.US is incorporated in Delaware and headquartered in Palo Alto, CA. It has a licensing agreement with Binance.com, but is an independent legal entity.
Bid was worth just over a billion
The bid from Binance.US is valued at around $1.022 billion. It consists of the to-be-set fair market value of Voyager’s crypto portfolio, valued at $1.002 billion at current market prices, plus an additional consideration equivalent to an incremental value of $20 million.
Voyager’s claims against Three Arrows Capital are still with the bankruptcy estate. The administrators will distribute any future recovery of claims to the estate’s creditors.
As per platform capabilities and disbursements decided on by the court, the Binance.US bid intends to return crypto to clients in kind. Voyager planned to transfer assets to FTX, but that didn’t materialize.
Binance to reimburse Voyager for up to $15m
Binance.US will make a $10 million deposit in good faith reimburse Voyager up to $15 million for certain expenses. If the deal isn’t closed by April 18 next year (with the possibility of a one-month extension), Voyager may move to return value at once.
A series of high-profile bankruptcies
A bankruptcy court has to allow Voyager Digital LLC to enter into the asset purchase agreement with Binance.US. The respective hearing has been scheduled on January 5, 2023.
The sale to Binance.US will be concluded pursuant to a Chapter 11 plan, which will be subject to a number of habitual closing terms, including a creditor vote. Voyager’s is one of a series of bankruptcies of leading crypto platforms.
Binance.US and Voyager will cooperate to close the deal as soon as possible after the bankruptcy court approves the chapter 11 plan. This purchase agreement follows Voyager’s entry into a voluntary restructuring process targeting the return of maximum value to customers on July 5, 2022.