Following its bankruptcy filing more than two months ago, cryptocurrency lender Voyager Digital will undertake an asset auction the following week.
The auction will begin on September 13 at 10 a.m. ET, per a court document filed on Tuesday. Yesterday, qualified bidders in the auction—which will decide who will purchase the platform’s assets—submitted their bids. The results will be approved during a hearing on September 29.
Voyager Digital ceased operating began Chapter 11 bankruptcy procedures
As of August 4, Voyager’s legal counsel stated that various offers had been received and that 22 parties were engaged in substantive negotiations to make bids for its assets.
After interested parties requested more time, the original bid deadline was pushed back from August 26 to September 6 in order to accommodate them.
Although bidders are kept anonymous during this process, the crypto exchange FTX and its affiliated company Alameda made their proposal public in July, which prompted a stern response from Voyager’s legal team.
In terms of the amount of money offered or the quality of support in the reorganization, bids can differ and present several alternatives to the bankruptcy. The proposal that Voyager counsel determines to be the most beneficial to consumers and creditors will be chosen.
When Voyager filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code, which is being handled in the United States Bankruptcy Court for the Southern District of New York, on July 5, it officially started the restructuring process. This law permits the sale of Voyager’s property without interference from “liens, claims, interests, and encumbrances.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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