In the words of Joshua Sussborg, the attorney representing Voyager, “We do not want to delay getting money getting crypto back into our customers hands. Self liquidation auction is not an option that is going to put the most money in our customers pockets.”
Judge Michael Wiles approved the disclosure statements regarding Binance.US’ plans to acquire Voyager Digital for $1.022B.
Following the initial approval, the Voyager acquisition deal will need to be approved by its creditors' committee. Thereafter, a confirmation hearing will be held in March 2023 to finalize the $1.022B deal.
In December 2022, regulatory body CFIUS had announced that it will review the transactions made by Voyager Digital. On Tuesday’s court hearing, attorney Joshua Sussborg claimed that the firm has been in talks with CFIUS over the winter holidays. He added that the bankrupt lender is working with Binance to expedite the acquisition deal.
In its recent tweets, Voyager’s Committee of Unsecured Creditors (UCC) claimed that assets will be transferred to Binance.US’ platform only when users can immediately withdraw them. Voyager will not transfer all assets in a single transaction on the closing day. Instead, the transfers will occur on a weekly basis.
Furthermore, the UCC noted that the sale plan includes a “toggle” provision that will kick in if Binance.US cannot close the deal. This will allow Voyager to proceed with a self-liquidation process to avoid further delays in returning clients’ funds.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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