Voyager Digital, Faced with Bankruptcy, Plans to Sell Off Its Assets
Voyager Digital, the cryptocurrency platform that filed for Chapter 11 bankruptcy in July, has announced an auction of its assets. The auction, scheduled for September 13 at 10 am ET, comes after a restructuring process that began on July 5.
The original bid deadline was August 26, but it was later extended to September 6 to accommodate more potential bidders. Bids can vary, offering different solutions to Voyager's bankruptcy, such as amounts of funds or levels of assistance in the reorganization.
As of August 4, multiple offers have been received for Voyager's assets. The selected bid will be deemed most valuable to Voyager's customers and creditors. Voyager's counsel will review the bids and make the final decision.
The auction is for qualified anonymous bidders who submitted their proposals on a specified date, not disclosed in the text. It's worth noting that Voyager is in meaningful discussions with 22 interested parties regarding asset bids.
No information is provided about a 'low-ball bid' from FTX in this paragraph. As of September 12, the day the Voyager Digital auction began, there are no relevant search results specifying who announced their intention to participate in the auction.
A hearing to approve the results of the auction is scheduled for September 29. This hearing will determine the successful bid and the future direction for Voyager Digital.
As the cryptocurrency market continues to evolve, the outcome of this auction could have significant implications for the industry. Stay tuned for updates as more information becomes available.
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