CRYPTO NEWS:  VOYAGER STATES AN CONTRACT FOR FTX.

VOYAGER STATES AN CONTRACT FOR FTX

TO PURCHASE ITS PROPERTY AFTER A SUCCESSFUL AUCTION. WEST REALM SHIRES INC. (“FTX US”) WAS CHOSEN AS THE HIGHEST AND BEST BID BY VOYAGER’S OPERATING FIRM VOYAGER DIGITAL LLC AFTER MANY ROUNDS OF BIDDING IN A TWO-WEEK LONG, FIERCELY COMPETITIVE AUCTION PROCESS. THE WINNING BID BY FTX US IS SUPPORTED BY THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS (“UCC”), WHICH ACTIVELY PARTICIPATED IN THE COMPETITIVE AUCTION.

VOYAGER STATES AN CONTRACT FOR FTX:

VOYAGER STATES AN CONTRACT FOR FTX
VOYAGER STATES AN CONTRACT FOR FTX

THE BID FROM FTX US IS VALUED AT ROUGHLY $1.422 BILLION, WHICH INCLUDES (I) THE FAIR MARKET VALUE OF ALL VOYAGER CRYPTOCURRENCIES AT AN UNSPECIFIED FUTURE DATE, WHICH IS ESTIMATED TO BE $1.311 BILLION AT THE CURRENT MARKET PRICE, PLUS (II) ADDITIONAL CONSIDERATION THAT IS ESTIMATED TO ADD ABOUT $111 MILLION IN VALUE. THE BANKRUPTCY ESTATE IS STILL IN POSSESSION OF THE COMPANY’S CLAIMS AGAINST THREE ARROWS CAPITAL, AND IT WILL DISTRIBUTE ANY PROCEEDS TO THE ESTATE’S CREDITORS.

BY OFFERING A CLEAR PATH FORWARD FOR THE DEBTORS TO COMPLETE A CHAPTER 11 PLAN AND GIVE VALUE BACK TO THEIR CLIENTS AND OTHER CREDITORS, FTX US’S BID MAXIMIZES VALUE AND SHORTENS THE TIME THE COMPANY IS STILL IN THE PROCESS OF RESTRUCTURING. AFTER THE COMPANY’S CHAPTER 11 CASES ARE RESOLVED, CUSTOMERS WILL BE ABLE TO TRADE AND STORE CRYPTOCURRENCIES THANKS TO FTX US’S MARKET-LEADING, SECURE TRADING PLATFORM.

THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF NEW YORK WILL BE ASKED TO APPROVE THE ASSET PURCHASE AGREEMENT BETWEEN VOYAGER DIGITAL LLC AND FTX US ON WEDNESDAY, OCTOBER 19, 2022. THE DEADLINE FOR FILING AN OBJECTION TO THE DEAL IS OCTOBER 12, 2022 AT 4:00 P.M. STANDARD EASTERN TIME. A CHAPTER 11 PLAN WILL BE USED TO CARRY OUT THE SALE TO FTX US; THIS PLAN WILL BE PUT TO A VOTE BY THE CREDITORS AND WILL ALSO BE SUBJECT TO OTHER STANDARD CLOSING REQUIREMENTS. AFTER THE BANKRUPTCY COURT APPROVES THE CHAPTER 11 PLAN, FTX US AND THE COMPANY WILL WORK TO SWIFTLY COMPLETE THE TRANSACTION.

WITH THE AIM OF PROVIDING CUSTOMERS WITH THE GREATEST VALUE POSSIBLE, VOYAGER BEGAN A VOLUNTARY RESTRUCTURING PROCESS ON JULY 5, 2022, AND THE AUCTION FOLLOWS. SINCE THE COMPANY’S CHAPTER 11 FILING, VOYAGER HAS BEEN WORKING ON A DUAL-TRACK PROCESS TO ACCOMPLISH THIS GOAL, CONSIDERING BOTH A POSSIBLE SALE AND A STAND-ALONE REORGANIZATION. VOYAGER RECEIVED NUMEROUS BIDS CONSIDERING SALE AND REORGANIZATION ALTERNATIVES IN ACCORDANCE WITH THE PROCEDURE DESCRIBED IN COURT FILINGS, HELD AN AUCTION, AND, BASED ON THE OUTCOMES OF THE AUCTION, DECIDED THAT THE SALE TRANSACTION WITH FTX IS THE BEST OPTION FOR VOYAGER STAKEHOLDERS.

AS IT BECOMES AVAILABLE, MORE DETAILS ABOUT THE TIMELINE AND CUSTOMER ACCESS TO CRYPTOCURRENCY WILL BE DISCLOSED. VISIT THE VOYAGER CASE WEBSITE AT HTTPS://CASES.STRETTO.COM/VOYAGER TO GET A FREE COPY OF THE BIDDING PROCEDURES, BIDDING PROCEDURES ORDER, BIDDING PROCEDURES MOTION, AND OTHER PLEADINGS SUBMITTED IN THIS CASE.

THE BAR DATE AND THE REQUIREMENT FOR CUSTOMERS TO CHOOSE WHETHER TO FILE A CLAIM REMAIN UNAFFECTED BY THE AUCTION’S OUTCOMES. HERE IS WHERE YOU CAN FIND MORE DETAILS. ON VOYAGER’S CASE WEBSITE, CLIENTS CAN SUBMIT A CLAIM. ON OCTOBER 3, 2022, AT 5:00 PM ET, CLAIMS MUST BE SUBMITTED.

KIRKLAND & ELLIS LLP, MOELIS & COMPANY LLC, AND BERKELEY RESEARCH GROUP ALL PROVIDED VOYAGER WITH ADVICE. SULLIVAN & CROMWELL LLP PROVIDED ADVICE TO FTX US. MCDERMOTT WILL & EMERY LLP AND FTI CONSULTING PROVIDED ADVICE TO THE UCC.

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CRYPTO NEWS:  VOYAGER STATES AN CONTRACT FOR FTX.

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