Voyager Digital’s legal team said at a hearing yesterday they were “shocked, frustrated and disappointed” to have to restart the distressed asset bidding process following FTX’s bankruptcy. .
Voyager Official Commission of Unsecured Creditors announced last week In a press release, it said it had not transferred any assets to FTX US and clarified that it had resumed the bidding process. However, he also mentioned that his $5 million “good faith” deposit from FTX US is held in an escrow account. “We were shocked, frustrated and dismayed,” Joshua Sussberg said at the Voyager bankruptcy hearing on Tuesday. bloomberg report. “There is no deal with FTX. I think it is clear.”
Had it not been for the FTX Group bankruptcy, Voyager Digital’s creditors would have had until November 29 to approve or oppose the restructuring plan. A public hearing was also scheduled for December 8 to confirm the plan.
But now, “in light of the facts and circumstances surrounding FTX’s bankruptcy, the confirmation hearing has been cancelled, and the relevant vote and challenge deadlines and other deadlines approved by the court pursuant to the disclosure statement order are no longer valid.” No,” Voyager attorney Joshua Sussberg wrote in a notice filed in court yesterday.
A disclosure statement is intended to help creditors understand the debtor’s situation and make an informed decision about whether to approve the restructuring plan. In this case, that disclosure statement and plan would have included his $1.4 billion purchase of bad crypto assets by FTX US.
Now the bankrupt asset manager is rumored to be considering an offer from one of the losing bidders.A person familiar with the matter speaks financial news Wave Financial and CrossTower have expressed interest, but neither company has confirmed.
In September, the so-called “lowball biddingFrom FTX, Voyager Digital $1.4 billion bid from The company acquires its distressed assets. But now that FTX itself, including West Realm Shires, the FTX company that won the auction, has filed for bankruptcy, it can no longer complete the deal.
FTX experienced a bank run last week after the balance sheet value of sister company Alameda Research’s FTX Token (FTT) was revealed. When Alameda revealed that about $5 billion of his $14 billion in assets were exchange tokens, there was a flood of withdrawals on exchanges that FTX was unable to handle. FTX filed for bankruptcy on Friday.
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