Earlier, FTX had made the highest bid for the company’s assets with an offer of US$1.4 billion.
According to a new press release published on December 19, cryptocurrency exchange Binance.US will acquire the assets of bankrupt cryptocurrency lender Voyager Digital for $1.022 billion. After reviewing strategic options, the company said Binance.US is the “highest and best offer for its assets.”
The $1.022 billion offer includes the future fair market value of Voyager’s cryptocurrency portfolio, plus $20 million in additional value.
“The Company’s claims against Three Arrows Capital will remain with the estate and all future collections on these and other outstanding claims will be distributed to the estate’s creditors. The Binance.US offering aims to return cryptocurrencies in kind to customers in accordance with court-approved payments and platform capabilities.
The deal is expected to close on April 18, 2023. Binance has agreed to pay an initial fee of $10 million and reimburse Voyager for certain expenses up to a maximum of $15 million. A bankruptcy court presiding hearing to approve the purchase agreement will be held on January 5, 2023. In addition, the sale is subject to a creditor’s vote and other customary closing conditions.
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Voyager stopped making payments and filed for bankruptcy in July amid liquidity problems stemming from the $650 million default by hedge fund Three Arrows Capital. Cointelegraph previously reported in October that FTX had received a $1.4 billion bid for the assets of troubled US cryptocurrency exchange Voyager. The previous agreement allowed the first-tier debts to be paid in full and allowed unsecured creditors to recover about 72% of the value of their accounts.
In a Dec. 20 Twitter post, Voyager said the committee of unsecured creditors believed the Binance.US offer “appears to be the best offer at this time,” but said it had been given a time limit. is limited to assessing whether the decision is “still under consideration”. Voyager announced its intention to accept the offer only on December 8.
Update 20 Dec 02:23 UTC: Voyager unsecured creditors committee statement added.
Source: CoinTelegraph
