Three Arrows Capital

Three Arrows Capital (3AC) Creditors Meet On July 18 For The First Time

Summary:

  • Three Arrows Capital liquidators have a meeting set for July 18, 2022.
  • This is the first time 3AC creditors are scheduled to meet and discuss proceedings.
  • Teneo Restructuring will lead the meeting as the appointed liquidator by a British Virgin Islands court.
  • Legal advisory firm Ogier also participates in the event as a complimentary firm.
  • Teneo opened a dedicated website to update the public on developments.
  • 3AC already filed for bankruptcy as EthereumWorldNews reported.
  • The crypto hedge fund also owes Voyager Digital over $650 million in crypto assets.
  • The whereabouts of 3AC founders Su Zhu and Kyle Davis remain unknown at press time.
  • Zhu did however tweet recently, calling out liquidators for baiting the firm.

Creditors of the troubled crypto hedge fund Three Arrows Capital (3AC) are scheduled to meet on July 18, 2022, in line with a liquidation order issued by a court in the British Virgin Islands.

WuBlockchain confirmed that the meeting is indeed set to take place on Monday as liquidators pursue legal proceedings on behalf of creditors.

Financial advisory firm Teneo Restructuring is in charge of the meeting. The company emerged as the primary liquidator following the order from a BVI court. Also, Teneo has opened a dedicated website to update the creditors and the public on relevant developments regarding the matter.

Jersey-based law outfit Ogier also joins Teneo during the meeting to advise on legal technicalities and help guide the liquidation process, per reports.

Teneo also hired a local law firm to petition the Singapore High Court in a bid to secure Three Arrows Capital assets and possibly issue a subpoena for the firm’s founders. 

Three Arrows Capital Bankruptcy And Voyager Loan

The crypto hedge fund founded by Su Zhu and Kyle Davies has faced uncertain times following the collapse of Terra’s coins and a general slump in the digital asset market. 3AC has filed for chapter 11 bankruptcy as EWN previously reported.

3AC also owed about $650 million in USDC and Bitcoin to Voyager Digital. Zhu’s firm did not meet the June 27 repayment deadline and was served with a notice of default shortly after. 

While Zhu claimed that the company was working to find a solution, the co-founder has supposedly remained largely unavailable. The specific whereabouts of Zhu and Davis are unknown at press time. 

However, Zhu tweeted recently to accuse liquidators of “baiting”.