Clients of bankrupt cryptocurrency lender Voyager Digital could receive 72% of the value of their accounts in the original deal with FTX US, according to court documents.
However, U.S. Bankruptcy Judge Michael Wales stated during the trial that the initial sale would not be final until he received approval from Voyager’s creditors and agreed to the bankruptcy payment plan, stating during the trial:
“If the plan collapses, no part of this agreement will survive.”
Also included is a clause called “fiduciary exit” that allows Voyager to cancel the FTX deal if any offers are made that will provide a better outcome for creditors.
This clause is often included in bankruptcy, allowing companies to consider higher rates before the sale is completed so that lenders can get the best deal possible.
Voyager has previously hinted that its clients may eventually switch to the FTX platform after the exchange received a winning bid for a nearly $1.4 billion valuation on Sept. 27 after a two-week trading process.
The FTX Temporary Plan will pay all priority claims in full and allow other account holders to recover approximately 72% of the value of their accounts that have been frozen since July 1st.