Bullet Points:
• Binance.US has agreed to purchase assets from bankrupt crypto lender Voyager Digital
• U.S. District Judge Michael Wiles approved disclosure statements for the proposed plan to sell Voyager assets
• The deal needs approval from a majority of Voyager’s creditors and will be the subject of a confirmation hearing in March
Binance.US and Voyager Digital are one step closer to agreeing on a deal that will see the former purchase the latter’s assets. On Tuesday, U.S. District Judge Michael Wiles approved disclosure statements that explained various aspects of the proposed plan to sell Voyager assets. However, he asked for attorneys working on the deal to revise the proposed order documents before he approves them.
The deal between Voyager Digital and Binance.US was initially proposed in December after Voyager’s deal with Sam Bankman-Fried’s FTX collapsed in November. Joshua Sussborg, a Kirkland & Ellis attorney representing Voyager, emphasized at the beginning of the Tuesday hearing that moving forward with the Binance.US deal was the best way to ensure that Voyager’s creditors receive the most from the sale.
“This transaction provides the best opportunity for creditors to receive a recovery,” Sussborg said. “It is time for the debtors’ estates to move on.”
The deal, which will be the subject of another confirmation hearing in March, also needs approval from a majority of Voyager’s creditors. According to court documents, the proposed plan of liquidation would provide $25.2 million in cash and stock for Voyager’s unsecured creditors.
The sale is seen as a positive move for Binance.US, which is one of the largest cryptocurrency exchanges in the U.S. It is expected that the acquisition of Voyager’s assets will allow Binance.US to expand its services and offer more options to its customers. For its part, Voyager was a crypto lending and trading platform that allowed its customers to purchase, trade and lend digital assets.
The proposed sale of Voyager’s assets to Binance.US represents a significant step forward in the cryptocurrency industry, as it shows that there is a growing interest in cryptocurrency-related businesses and services. It is likely that the acquisition will be a boon for both Binance.US and Voyager, and that it will open up new opportunities for both companies.
