The court has assented to FTX US’s bid to buy the distressed assets belonging to beleaguered crypto lender Voyager for the sum of $1.4 billion. The company implores its creditors to vote yes for the deal.
Voyager’s Creditors Still Need To Vote After Court Approval
Voyager’s bankruptcy case is progressing steadily and users might finally retrieve part of their assets soon. Bankruptcy Judge Michael Wiles approved of the Voyager and FTX’s purchase agreement on Thursday.
The crypto lender is now appealing to its creditors to vote yes to the buyout deal by FTX. An earlier report noted that the deal will allow Voyager’s clients 72% of their assets. If the deal goes through, the clients will access the funds on the FTX platform with newly opened accounts.
No final decisions have been made yet and the final purchase price hasn’t been determined. The deal if it goes through will employ a 20-day historical average for the price. This will show how much customers will receive, and they’ll all be paid in different cryptocurrencies— USDC and fiat.
The only clients who will receive these payments are those who voted to transition to the FTX platform. All others will be paid in cash from Voyager’s left over fund.
FTX Disapproves Of VGX Token
The crypto exchange FTX has stated that it doesn’t back or support VGX token but offered a $10 million floor price for the tokens. Voyager explained that it’s looking for a higher bid for the tokens but will accept FTX’s bid if none is found.
Voyager urged clients to vote yes to the plan before the deadline because it offers the best case scenario at the moment.
Creditors will also be provided with information on how to vote through a solicitation packet sent by claims agent Stretto.
Reports also noted that Voyager’s Customers may receive a letter from the creditor committee making them aware of releases in the agreement protecting executives from future legal action.
The court could give a final verdict by mid-December after the creditors’ vote. This will be followed by affected customers finally accessing their funds on the FTX platform.