Voyager has received approval for the sale of its assets to Binance.US for a value of 1 billion dollars as a result of the agreement it made with the US government. This deal, which was previously halted due to intervention from US regulators, was allowed to proceed based on the decision of bankruptcy judge Michael Wiles.
The deal was terminated by Binance.us
However, on April 25th, Voyager announced that it had received a letter from Binance.US terminating the Asset Purchase Agreement. Binance.US also stated that they decided to terminate their agreement with Voyager due to the hostile and uncertain regulatory environment in the United States.
You can learn the details of the news by reading our latest article.
Finally, according to a statement made today on the Twitter account of Voyager’s Unsecured Creditors Committee, it was stated that creditors’ funds could be repaid within the next few weeks.
Additionally, according to the statements made, Voyager and UCC are in the process of completing the liquidation procedures, and it should be noted that filing the liquidation procedures is required for the plan to become effective. The liquidation procedures will also provide detailed information about the distribution process for the creditors. It was also stated that a 10-day period will be given for parties to object after the payment process begins.
If there is an objection, the hearing will be held again.
If there are no objections, Voyager will continue with its payment plan. However, if an objection is raised, the court will hold an additional hearing to consider the objection before the plan can be put into effect.
Following the failure of the agreement between Voyager and Binance.US, the US government investigated the situation. The US Securities and Exchange Commission then stated in a court hearing that it believes Binance.US operated an unregistered securities exchange in the country.
Under the restructuring plan, Voyager will make payments to creditors in both cash and cryptocurrency. 61,300 Voyager customers voted for the restructuring plan, with 97% voting in favor. However, at the time of the vote, customers were not aware that the agreement with Binance.US would be terminated. If there is a re-vote, this percentage may differ significantly.
This is because if the Binance.US agreement had continued, customers would have seen a 73% increase in their assets. However, the termination of the agreement by Binance.US delayed customers’ access to their funds for a while.
Nevertheless, it is still hoped that Voyager is in the final stages of the payment process and that the funds will be distributed in the next few weeks.