A US bankruptcy court judge approved a debt restructuring plan for Voayger, a crypto lender that went bankrupt in mid-2022, including an agreement to sell itself to Binance.US for $1 billion.
This plan was approved by 97% of Voyager’s creditors and is expected to restore up to 73% of assets for money-strapped users on the company’s investment platform.
Notably, the above deal was opposed by the US Securities and Exchange Commission (SEC) and the New York state government, but because it did not provide convincing evidence, the court still decided to allow the acquisition deal of Binance.US.
Representatives of Binance.US were delighted with the court’s ruling:
“Our goal has always been to return customers their cryptocurrency on the fastest timeline possible and empower users to make their own decisions about their own assets.”
Even so, the judge said he could still change his mind if there are new information updated. In addition, the deal could still fall apart if the federal government intervenes. If this happens, Voyager will be given the option to liquidate the assets themselves.
Voyager’s VGX token price skyrocketed by nearly 30% thanks to the news.
Voyager has in the past been linked to FTX when it agreed to sell itself to this exchange for $1.4 billion. The company also borrowed $ 450 million from FTX to maintain operations after admitting heavy losses from Three Arrows Capital. However, after it was FTX’s turn to go bankrupt, there was concern that the exchange would reclaim the above $450 million, significantly affecting the goal of claiming 73% of Voyager users’ assets.