Voyager Digital Provides Update on Reimbursement Plan for Creditors

Following Binance’s withdrawal from the Voyager Digital woody connected April 25, the now-defunct crypto lender has precocious informed creditors that they tin expect to person their archetypal currency and crypto distributions “within the adjacent fewer weeks.” This update comes 9 days aft Binance’s determination to backmost distant from the deal.

Voyager Digital Expects Initial Distributions to Creditors ‘Within the Next Few Weeks’

Voyager Digital has published an update for creditors. According to a tweet from the steadfast connected May 4, 2023, they whitethorn beryllium capable to expect immoderate currency oregon crypto backmost “in a fewer weeks.” This update comes aft a agelong and hard travel for the TSX-listed crypto lender. Last twelvemonth connected July 1, 2022, Voyager Digital halted withdrawals and filed for bankruptcy conscionable days later. Since then, the defunct concern has been navigating the bankruptcy process aft it was astir acquired by Binance US.

After Binance US backed retired of the deal, the crypto lender has been near to navigate the bankruptcy process successful the Southern District of New York successful bid to reimburse creditors. But contempt the challenges, Voyager Digital says it is making progress. In the tweet connected Thursday, the steadfast explained that they are “in the process of finalizing liquidation procedures.” Voyager besides reminded creditors that the liquidation procedures indispensable beryllium filed earlier the program tin spell into effect.

While Voyager is moving guardant with their program to reimburse creditors, there’s inactive a accidental for objections. According to the firm, parties volition person 10 afloat days to entity to the plan. If nary objections are filed, Voyager intends to spell “effective” with the program astatine that time. However, if an objection is filed, the tribunal volition clasp a proceeding to see the objection earlier the program tin spell into effect. The program had a clause that explained what would hap if the Binance US woody fell through, which allowed Voyager to statesman liquidating assets.

The institution stated connected Thursday:

Voyager is besides finalizing everything internally that is indispensable to marque distributions to creditors. We are hopeful that archetypal distributions volition statesman wrong the adjacent fewer weeks.

The quality of Voyager Digital’s program to reimburse creditors has been met with mixed reactions. While galore customers are pleased with the progress, others are feeling frustrated. One idiosyncratic responded that customers wanted their assets “last August and July.” Another idiosyncratic stressed connected Twitter, “Hurry up!” And yet different idiosyncratic added, “No one, I repetition nary one, record an objection! Ok!”

What are your thoughts connected Voyager Digital’s program to reimburse creditors? Do you deliberation they’re making progress, oregon bash you consciousness frustrated by the delays? Share your opinions successful the comments conception below.

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