Voyager Creditors May Be Optimistic With Refunds In Next Weeks
Key Points:
- As part of its bankruptcy procedures, Voyager Digital intends to begin repaying cash to creditors.
- The creditor committee and Voyager are now completing liquidation processes, and the necessary papers are expected on May 5.
- If an objection requiring a court hearing is submitted within 10 days after the initial filing, the procedure may be further delayed.
Voyager Digital’s stranded clients had some comfort earlier today when the insolvent crypto lender announced that it might begin repaying them in the coming weeks.
The insolvent crypto lender and the committee are in the midst of completing the liquidation processes, according to a Twitter thread from Voyager’s Unsecured Creditors Committee. The committee reminded its Twitter followers that any plan for disposing of the firm’s assets must be registered before it can be implemented. The liquidation process will set out the specifics of how creditors will receive distributions from Voyager.
The creditor committee and Voyager are now completing liquidation processes, and the necessary papers are expected on May 5. This must occur before the agreed-upon plan takes effect, and the procedure may be further delayed if any objection requiring a court hearing is submitted within 10 days of the first filing.
The UCC’s update comes after Binance.US pulled out of its original agreement to acquire $1.02 billion in assets from Voyager, citing the hostile and unpredictable regulatory environment in the United States as the cause for the deal’s cancellation.
The authorities investigated the failed transaction between Voyager and Binance.US. In a court hearing, the US Securities and Exchange Commission stated that staff believes Binance.US is operating an unregistered securities exchange in the country, though the commission has not taken an official position.
Fortunately, the crypto lender’s restructuring plan includes a toggle option that allows the company to pursue self-liquidation following Binance.US’s decision to withdraw from the deal. This enables the insolvent broker to disburse cash and cryptocurrency directly to consumers through the platform.
On July 1, 2022, Voyager temporarily banned withdrawals and other transactions. It declared bankruptcy a few days later, on July 6, 2022.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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Voyager Creditors May Be Optimistic With Refunds In Next Weeks
Key Points:
- As part of its bankruptcy procedures, Voyager Digital intends to begin repaying cash to creditors.
- The creditor committee and Voyager are now completing liquidation processes, and the necessary papers are expected on May 5.
- If an objection requiring a court hearing is submitted within 10 days after the initial filing, the procedure may be further delayed.
Voyager Digital’s stranded clients had some comfort earlier today when the insolvent crypto lender announced that it might begin repaying them in the coming weeks.
The insolvent crypto lender and the committee are in the midst of completing the liquidation processes, according to a Twitter thread from Voyager’s Unsecured Creditors Committee. The committee reminded its Twitter followers that any plan for disposing of the firm’s assets must be registered before it can be implemented. The liquidation process will set out the specifics of how creditors will receive distributions from Voyager.
The creditor committee and Voyager are now completing liquidation processes, and the necessary papers are expected on May 5. This must occur before the agreed-upon plan takes effect, and the procedure may be further delayed if any objection requiring a court hearing is submitted within 10 days of the first filing.
The UCC’s update comes after Binance.US pulled out of its original agreement to acquire $1.02 billion in assets from Voyager, citing the hostile and unpredictable regulatory environment in the United States as the cause for the deal’s cancellation.
The authorities investigated the failed transaction between Voyager and Binance.US. In a court hearing, the US Securities and Exchange Commission stated that staff believes Binance.US is operating an unregistered securities exchange in the country, though the commission has not taken an official position.
Fortunately, the crypto lender’s restructuring plan includes a toggle option that allows the company to pursue self-liquidation following Binance.US’s decision to withdraw from the deal. This enables the insolvent broker to disburse cash and cryptocurrency directly to consumers through the platform.
On July 1, 2022, Voyager temporarily banned withdrawals and other transactions. It declared bankruptcy a few days later, on July 6, 2022.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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