Major crypto exchange FTX has won approval from a US bankruptcy court to take over the assets of struggling crypto platform Voyager Digital.
In a press release, the platform said the U.S. Bankruptcy Court for the Southern District of New York decided to approve “Voyager Digital’s entry into the asset purchase agreement between FTX US and Voyager.”
“The offer from FTX US, valued at approximately $1.422 billion, includes (i) the fair market value of all Voyager cryptocurrencies at a future date to be determined prior to the closing of the sale, which at current prices of the market as of September 26 is estimated at $1.311 billion, plus (ii) additional consideration which is expected to provide approximately $111 million of additional value to creditors,” the statement said.
“Voyager’s claims against Three Arrows Capital will remain in the bankruptcy estate and any recovery against 3AC’s claims will be available for further distribution to Voyager’s creditors,” the company said.
Following approval, Voyager Digital must move forward with a customer vote on the broader plan through which the sale to FTX US will be made.
“The deadline for voting on the plan is Nov. 29,” the statement said. “In the coming days, our claims agent Stretto will be sending out solicitation packets to all creditors eligible to vote on the plan, including customers.”
The latest development comes about three months after Voyager Digital fired a joint offer proposed by FTX and the related trading company Alameda, call this is a “low offer” that could disrupt the company’s bankruptcy process.
“The AlamedaFTX proposal is nothing more than a cryptocurrency sell-off on a basis that benefits AlamedaFTX. It is a low offer disguised as a white knight bailout,” Voyager lawyers said in response to the offer in a recent court filing.
Earlier that month, Voyager Digital submitted voluntary requests for relief under Chapter 11 of the United States Bankruptcy Code as it sought to implement its reorganization plan and “maximize value for all stakeholders”.
Last July, in another sign of dark clouds gathering over Voyager Digital, the U.S. Federal Deposit Insurance Corporation (FDIC) and the board of directors of the Federal Reserve (FED), the central bank American, published a joint letter in which they demanded that the company cease and desist from making what they described as “false and misleading statements regarding its FDIC deposit insurance status” and take steps to correct those statements.