According to a new press release published on December 19th, 2022, the offer from Binance.US is valued at approximately $1.022 billion, with $1.002 billion of it being the estimated fair market value of Voyager’s cryptocurrency portfolio at a future date, and the remaining $20 million being additional consideration. The Company’s financial obligations to Three Arrows Capital will stay in the bankruptcy estate, and any future returns on these and other non-paid claims will be distributed to creditors.
Binance.US will make an investment of $10 million and will cover certain expenditures up to a maximum of $15 million. If the deal is not completed by April 18, 2023 with an extra one-month extension, Voyager will give back its customers their value. Voyager Digital LLC will request a Bankruptcy Court to accept their asset purchasing agreement with Binance.US at a hearing on January 5, 2023. After the Chapter 11 plan is approved by the Bankruptcy Court, Binance.US and Voyager will quickly close the transaction.
In July, Voyager suspended its services and declared bankruptcy due to difficulties caused by Three Arrows Capital’s failure to pay back a $650 million loan. Cointelegraph reported in October that FTX US was willing to purchase Voyager’s assets for $1.4 billion. This deal allowed senior creditors to receive full payment and unsecured creditors to get back 72% of their accounts’ value.