- Voyager Digital customers may receive up to 72% of their funds back in the FTX US deal
- The deal was given the provisional ok by the bankruptcy judge yesterday
- Voyager Digital can scrap the deal if one comes in that is better for customers
Voyager Digital customers may receive up to 72% of their holdings under the bankruptcy deal with FTX US. The deal, which Voyager Digital described as a PR stunt when it was first tabled back in July, was agreed in principle three weeks ago when FTX won the auction for the site and its assets, and the terms have now approved by the bankruptcy judge, although there are still a couple of hurdles to clear.
Deal Was Looking Unlikely in July
As Bloomberg reported yesterday, the tentative deal for the company to sell itself to FTX US was approved by U.S. bankruptcy judge Michael Wiles on Wednesday, a move that was looking distinctly improbable when Voyager Digital called FTX US’s offer a “a low-ball bid dressed up as a white knight rescue” in July.
However, FTX US won the auction for the company ahead of fellow exchange Binance, but a stipulation in the ruling means that Voyager Digital can cancel its deal with FTX US should it get a higher offer that pays customers more.
December Pencilled in For Final Approval
The sale will not be rubber stamped until Wiles approves Voyager’s bankruptcy payout plan, which Bloomberg says may be considered in December.
This means FTX will have a nervous wait on its hands until the deal is approved, but costumes can look forward to receiving the welcome boost of over 70% of their funds back, something that rarely happens in such bankruptcy cases.
