Falling prices and bankruptcy are linked in the crypto ecosystem. Although hope persists, some companies are forced to face major inconveniences. Luckily for Voyager, a solution is in order and it comes in the form of FTX US. The exchange platform is considering a recovery plan that could in every way allow the broker to calm down its users.
FTX US beats Binance and Wave Financial to acquire Voyager
The bearish trend in the crypto sector is pushing companies to make decisions never before considered. Indeed, several crypto companies are forced to declare bankruptcy. This is the case of the crypto broker Voyager. Nevertheless, following a successful takeover bid, FTX US offers a recovery plan. According to a report by Bloombergthe latter would allow users of the bankrupt broker to recover around 72% of their funds.
However, before approving this arrangement, US Bankruptcy Judge Michael E. Wiles insists that Voyager should include the famous fiduciary release. This allows the company under legal protection to hope for better offers before declaring a final sale. Recall that Voyager filed for Chapter 11 bankruptcy in July. Although it accepted US FTX’s 1.4 billion offer, it calls the offer a low price.
However, Christine Okike, Voyager’s bankruptcy lawyer, believes that the crypto exchange is their only option to be able to recover funds from investors. The New York-based company even agreed to change the wording of the fiduciary considering a better offer.
To do so, she asked Judge Wiles for permission to share the payment plan with creditors for a vote. According to the FTX US spokesperson, the company would be happy to receive this approval in order to work with Voyager and ensure customers receive their funds legally.
However, although this news is very satisfying for the users, it is subject to certain conditions. Among others, the endorsement of Michael E. Wiles. The deal can’t be done until he approves Voyager’s bankruptcy payment plan. In this case, the latter could only be considered in December.
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