After Binance pulled out of the Voyager Digital deal on April 25, the cryptocurrency lender recently told creditors that they can expect to receive initial cash and crypto distributions “within the next few weeks.” This update comes nine days after Binance decided to backtrack on the transaction.
Voyager Digital expects initial distributions to creditors within the next few weeks
Voyager Digital has posted an update for creditors. according to tweet From the company on May 4, 2023, they may be able to expect some cash or cryptocurrency to return “in a few weeks.” This update comes after a long and difficult journey for the TSX-listed crypto lender. Last year on July 1, 2022, Voyager Digital halted withdrawals and filed for bankruptcy a few days later. Since then, the defunct business has been navigating the bankruptcy process after being nearly acquired by Binance US.
After Binance US pulled out of the deal, the cryptocurrency lender was left to navigate the bankruptcy process in the Southern District of New York in order to pay off creditors. But despite the challenges, Voyager Digital says it’s making progress. The company said in a tweet on Thursday that it was “in the process of finalizing the liquidation procedures.” Voyager also reminded creditors that they must file liquidation proceedings before the plan goes into effect.
While Voyager is moving forward with its plan to compensate creditors, there is still room for objections. According to the company, the parties will have a full ten days to object to the plan. If no objections are raised, Voyager intends to go “effective” with the plan at that time. However, if an objection is raised, the court will hold a hearing to consider the objection before the plan goes into effect. The plan contains a clause explaining what will happen if the US Binance deal fails, which allows Voyager to begin liquidating assets.
company advertiser Thursday:
Voyager is also finalizing everything necessary internally to make distributions to creditors. We hope to begin initial distributions within the next few weeks.
News of Voyager Digital’s plan to pay off creditors was met with mixed reactions. While many clients are satisfied with the progress, others are frustrated. One person answered that clients wanted their assets “last August and July”. another individual compressed On Twitter, “Hurry up!” And someone else added“No one, I repeat no one, raises an objection! Yes!”
What are your thoughts on Voyager Digital’s plan to offset creditors? Do you think they are making progress, or are you frustrated by the delay? Share your opinions in the comments section below.
Image credits: Shutterstock, Pixabay, WikiCommons, Worldwide / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments are closed.