The court filing submitted by Voyager’s creditors stated, “Consummation of the plan by April 13 is necessary to preserve massive creditor value. The evidence is uncontroverted that, if the deal is not completed, Voyager’s creditors will lose roughly $100 million in value.”
A recent court document claimed that Voyager and its creditors stand to lose $100M if the bankrupt lender fails to close its deal with Binance.US by April 13.
Under the terms of the $1.022B sale plan, Binance.US can pull out of negotiations with Voyager if the deal does not get finalized within four months.
As a result, the bankrupt lender claimed that more than a million of its creditors could get locked out of their savings if the Binance.US takeover deal falls through. Voyager also stressed that further delays in the acquisition deal can lead to monthly losses amounting to $10M.
Earlier in December, Voyager Digital agreed to a sale plan proposed by Binance’s US arm. Although the judge overseeing Voyager’s bankruptcy case recently slammed US regulators’ objections to the deal, the court has put the sale plan on hold after the CFTC sued Binance.
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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