Voyager Assets to Be Acquired by Binance.US
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An editor at Coincrop
20 Dec 2022 | 4 min read
n December 19, 2022, Voyager Digital Ltd. announced that its operating company Voyager Digital LLC had selected U.S exchange BAM Trading Services Inc., otherwise known as "Binance.US," to obtain the highest and best bid for its assets after analyzing several strategic options with the main goal of returning maximum value to customers and other creditors in a prompt manner.
Binance.US is headquartered in Palo Alto, CA, and is incorporated in Delaware. It is an independent legal entity and has a licensing agreement with Binance.com.
Binance.US is the evident solution that will ensure Voyager customers can access their funds as fast and efficiently as possible., is valued at approximately $1.022 billion and is comprised of (i) the fair market value of Voyager's cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value.
Three Arrows Capital is still bound by the Company's claims, and any future returns on these or other un-released demands will be dispersed to the creditors of the bankrupt estate.
Binance.US is committed to returning crypto assets directly back to customers in line with court-approved distributions and the platform's ability.
As a gesture of goodwill, Binance.US will make an initial deposit of ten million dollars and cover expenses to Voyager worth up to fifteen million dollars. If the transaction is not closed by April 18th, 2023 (with potential extension for one month), then Voyager can take steps right away towards reimbursing customers their investments.
At a hearing on January 5, 2023, Voyager Digital LLC will ask the Bankruptcy Court to confirm their asset purchase agreement with Binance.US and proceed under a Chapter 11 plan which needs approval from creditors before it can close.
After approval of the Chapter 11 plan by the Bankruptcy Court, Binance.US and the Company will execute a sale agreement ensuring that all customary closing conditions are met. The Team is eager to complete this transaction in an expedited manner upon receiving said approval.
In order to maximize customer value, this sale agreement follows Voyager's bold decision to enter a voluntary restructuring process on July 5th of 2022.
You can obtain a free version of the asset purchase agreement and other related declarations filed in this case by navigating to the Voyager case website at https://cases.stretto.com/Voyager for more information.
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