Voyager Digital Provides Update on Reimbursement Plan for Creditors

Voyager Digital Gives Replace on Reimbursement Plan for Collectors

May 6, 2023 Off By lordanime37
Voyager Digital Provides Update on Reimbursement Plan for Creditors

Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has lately knowledgeable collectors that they’ll anticipate to obtain their preliminary money and crypto distributions “inside the subsequent few weeks.” This replace comes 9 days after Binance’s resolution to again away from the deal.

Voyager Digital Expects Preliminary Distributions to Collectors ‘Inside the Subsequent Few Weeks’

Voyager Digital has revealed an replace for collectors. In keeping with a tweet from the agency on Might 4, 2023, they are able to anticipate some money or crypto again “in just a few weeks.” This replace comes after an extended and troublesome journey for the TSX-listed crypto lender. Final yr on July 1, 2022, Voyager Digital halted withdrawals and filed for bankruptcy simply days later. Since then, the defunct enterprise has been navigating the chapter course of after it was virtually acquired by Binance US.

After Binance US backed out of the deal, the crypto lender has been left to navigate the chapter course of within the Southern District of New York to be able to reimburse collectors. However regardless of the challenges, Voyager Digital says it’s making progress. Within the tweet on Thursday, the agency defined that they’re “within the strategy of finalizing liquidation procedures.” Voyager additionally reminded collectors that the liquidation procedures have to be filed earlier than the plan can go into impact.

Whereas Voyager is shifting ahead with their plan to reimburse collectors, there’s nonetheless an opportunity for objections. In keeping with the agency, events may have ten full days to object to the plan. If no objections are filed, Voyager intends to go “efficient” with the plan at the moment. Nonetheless, if an objection is filed, the court docket will maintain a listening to to contemplate the objection earlier than the plan can go into impact. The plan had a clause that defined what would occur if the Binance US deal fell by, which allowed Voyager to start liquidating belongings.

The corporate stated on Thursday:

Voyager can be finalizing the whole lot internally that’s essential to make distributions to collectors. We’re hopeful that preliminary distributions will start inside the subsequent few weeks.

The information of Voyager Digital’s plan to reimburse collectors has been met with combined reactions. Whereas many shoppers are happy with the progress, others are feeling annoyed. One individual responded that clients wished their belongings “final August and July.” One other particular person stressed on Twitter, “Hurry up!” And one more individual added, “Nobody, I repeat nobody, file an objection! Okay!”

What are your ideas on Voyager Digital’s plan to reimburse collectors? Do you assume they’re making progress, or do you are feeling annoyed by the delays? Share your opinions within the feedback part under.