Voyager Digital may start distributing its remaining assets to creditors in the next few weeks.
The announcement was made by Voyager’s Official Committee of Unsecured Creditors.
The direct distribution plan for customers was unveiled last month after Binance US pulled out from a deal to acquire Voyager.
The stranded customers of Voyager Digital got some relief earlier today after the bankrupt crypto lender indicated that it may start repaying them in the next few weeks. Voyager Official Committee of Unsecured Creditors recently took to Twitter to announce that the company was deliberating the final liquidation procedures.
Voyager Digital To File Final Liquidation Procedures On May 5
According to a Twitter thread from Voyager’s Unsecured Creditors Committee, the bankrupt crypto lender and the committee is in the process of finalizing the liquidation procedures. The committee reminded its Twitter community that any plan for liquidating the firm’s assets are required to be filed before they come into effect. The liquidation procedure will lay out the details of the method by which creditors will receive the distribution from Voyager.
Once the liquidation procedures are filed parties will have ten days to express any objection to the plan. In the event that any party objects, the bankruptcy court will schedule a hearing to consider the objection before allowing the crypto lender to go ahead with the liquidation. In case no objections are filed, Voyager Digital’s distribution plan will come into effect.
Voyager is also finalizing everything internally that is necessary to make distributions to creditors. We are hopeful that initial distributions will begin within the next few weeks.”
Committee of Unsecured Creditors
Voyager Digital’s (VYGVQ) share price gained more than 6% following the latest development. The firm initially announced its plan to distribute the remaining assets to creditors and stranded customers on April 25, 2023, after Binance US terminated the $1 billion deal to acquire Voyager’s assets. At the time, the bankrupt crypto lender stated that the Chapter 11 plan allows for the direct distribution of cash and crypto to customers using its online platform.