97% of Voyager Customers Approve Restructuring Plan with Binance US

Key Points:

• 97% of customers, representing 98% of all complaints by bankrupt crypto company Voyager, voted in favor of a chapter 11 restructuring plan.
• Accordingly, Binance US will implement the proposal to buy back some of the company’s assets set out earlier.
• The plan will be discussed during the bankruptcy hearing subsequent Thursday (March 2).

Bankruptcy cryptocurrency lending platform Voyager has officially announced on Twitter that 97% of its customers (corresponding to 98% of the complaints) have agreed to the proposed chapter 11 restructuring.

Under the restructuring plan, the company agreed to sell some of its assets to Binance US for $1 billion.

“Voyager customer voting on the company’s chapter 11 plan has concluded and finalized: of those who participated, 97% of customers, representing 98% of the total claims, voted in favor.”

According to court filings on the evening of February 28, 98% of claims from account holders were worth more than $500 million, with unsecured claims accounting for another $3 million or more (of which $2.95 million is an unsecured claim against TopCo and $40,000 is a claim against the parent company).

The company will appear at a bankruptcy hearing on Thursday, where its attorneys will seek court approval for the restructuring plan.

To a breakdown of votes in a statement by director Leticia Sanchez, According to most of the company’s Sanchez, Str also decided to make their claims a “wind-down entity.” According to that calculation, 65% of Class 3 Ballots, representing account holder claims, were cast in favor of opting in, compared to 85% of holders of shares or interests in the non-voting classes.

As mentioned earlier, Binance.US’s $1.02 billion deal to purchase assets of the now-defunct crypto lender Voyager Digital has been shut down by New York, and regulators Federal financial regulators protested on February 22 because they could prove discriminatory and illegal.

Earlier, the SEC said elements of the proposed Binance.US – Voyager deal could also violate the law, given how the plan is expected to repay former Voyager customers.

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