Voyager Digital could allow its customers to retrieve up to 72% of their frozen funds as part of a provisional deal with FTX US.
According to Michael Wiles, the Judge overseeing Voyager’s bankruptcy proceedings, the deal will not proceed unless the firm’s creditors give their approval. Should the creditors vote in favor of the deal, Wiles will have the final say in approving the sale contract.
Wiles noted,
“If the plan falls apart, there’s no part of this agreement that survives.”
The Court filings include the “fiduciary out” clause. It authorizes Voyager to back away from the deal if it receives a better offer for releasing its customers’ assets.
Moreover, the documents revealed that Voyager’s account holders are its primary creditors, with their claims amounting to $1.76B.
It is worth noting that the 72% limit on recoverable assets does not include Voyager's claims against 3AC for defaulting on its loans. Therefore, Voyager’s customers may regain a higher percentage of their frozen assets thanks to these claims.
Voyager has sent FTX’s $1.42B sale plan for creditor vote. It claimed the creditor voting session will wrap up by November 29.
FTX’s sale agreement is expected to receive final approval from the Court in December.
