HomeNEWSFTX US emerges as preferred bidder for Voyager’s assets

FTX US emerges as preferred bidder for Voyager’s assets


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After a series of bidding round, Voyager Digital has selected FTX US as the best bidder for its assets. Voyager announced the development via a post on its Twitter page in the early hours of today. According to the announcement, the Official Committee of Unsecured Creditors (UCC) took part in the process that saw FTX US emerge as the suitable bidder.

Further, FTX US offered about $1.422 billion for the assets. The offer consisted of specific consideration that makes it one of the best bids for the assets. The proposal included a “fair market value of all Voyager cryptocurrency” at a proposed future date, with an estimation of $1.311 billion, which is pegged to the current market price. Also, the offer considered an estimated $111 million increase in the value of the assets.

Notable pointers about FTX US bid for Voyager’s assets

The bid by FTX US maximizes the value of the assets while it beats the spare time of Voyager’s restructuring plan. The bid provided a clean route for defaulters to consummate a chapter 11 plan and give value to customers and creditors. Notably, customers will be able to trade and save their assets upon the completion of Voyager’s chapter 11 court case.

Meanwhile, the deal between FTX US and Voyager is subjected to the approval of the Unites States Bankruptcy Court for the Southern District of New York. The deal will be forwarded to the court for approval on October 19, 2022. There is a window for objection to the deal until October 12, 2022. Meanwhile, the deal is consummated pursuant to a chapter 11 plan. Despite the agreement, the deal could hit a dead end if creditors vote against it. This is because it’s subjected to creditors vote and other customary closing clauses.

With the approval of the Bankruptcy Court regarding the chapter 11 plan, both FTX US and Voyager would work together to complete the deal. It’s imperative to note that the auction emanated from Voyager voluntary rebuilding process. The rebuilding process began on July 5 2022, with the intention of returning maximum value to customers. Part of the plan included consideration for a possible sale of its assets and a standalone reorganization.

Aside FTX US’s bid, Voyager received numerous bids from different organizations. However, FTX US bid emerged as the best considering the current situation of the firm. With the completion of the auction, customers can still File a claim on the firm’s official website.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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