- Voyager Digital received the initial approval from the US Bankruptcy Court to sell its assets to Binance.US.
- The platform tweeted the summary of the changes that the transaction supposedly brings.
- Voyager ensured that the transaction would result in greater recoveries for creditors than self-liquidation.
The Voyager Official Committee of Unsecured Creditors, the Twitter account that updates information on the crypto firm Voyager Digital Holding, shared the latest updates on the expected benefits of the Binance.US transaction.
The platform tweeted a 10-part thread, beginning with, “the Binance.US transaction will result in greater recoveries for creditors than a self-liquidation”:
Notably, the platform summarized the various aspects of the transaction as well as the changes that Binance.US intends to bring. It cited that once the crypto is transferred to Binance.US, “creditors can immediately withdraw it” and “transfers will happen weekly”.
Also, Voyager Digital talked about UCC’s determination in ensuring timely conclusions for bankruptcy cases:
Additionally, the UCC wanted to ensure that there would be no delays in concluding the bankruptcy cases and making distributions to creditors of the Binance.US transaction fails to close. To remedy this, the UCC ensured that the Plan included a “toggle” provision.
Further, the firm added that the “toggle will automatically kick in” if the Binance.US transaction cannot be closed. Consequently, Voyager will acquire the ability to self-liquidate.
Previously, on December 19, Binance.USannounced the company’s decision to buy the bankrupted assets of Voyager Digital. However, the proposal found several impediments including the “limited objection” filed by the Securities and Exchange Commission (SEC) pointing to the lack of adequate details regarding Binance.US’s fund to acquire the assets.
Recently, on January 10, the United States Bankruptcy Court Judge Michael Wilesissued the initial approval for Voyager Digital to sell its assets to Binance.US for $1.02 billion.
Subsequently, Voyager Digital shared the favorable outcome of the Binance.US- Voyager Digital bond. The firm assured that the transaction would ensure the security of crypto, facilitating each creditor to “withdraw a distribution”.
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- Source: https://coinedition.com/voyager-ensures-greater-recoveries-after-binance-us-transaction/