Troubled Voyager Digital Set to Auction off Assets

On September 13, troubled Voyager Digital Holdings will auction its residual holdings at the offices of an Investment Banker to the company Moelis & Company LLC.

According to a motion seeking approval of the bidding process related to the sale, disclosure statement, and plan confirmation filed before a New York bankruptcy Court.

Buyers wishing to break up the company’s shares have already presented bargains, after the deadline for bidding was postponed to September 6.
“Voyagers, we want to let you know that multiple bids were submitted as part of the company’s restructuring process. As a result, an auction is scheduled for September 13th.” said Voyager in a tweet

Voyagers bidders are anonymous for now

The company, which did not disclose the names of those interested to offload the company’s assets offered for sale, said they will reveal the highest bidder once the auction is complete. 
“Once the auction is complete, we will share more information about the winning bidder and what it means to you as a customer,” said Voyager in a tweet thread.
Since Voyager Digital Holdings, Inc and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on July 5, 2022, they have been working tirelessly to make a comeback despite losing millions of customers due to trust issues.
So far, $270 million held with Metropolitan Commercial Bank has been approved by Judge Wiles to be returned to customers. Those who had U.S. dollars in their account at the bank apparently were allowed to withdraw up to $100,000 in a 24-hour period through the Voyager app as they go through bankruptcy proceedings.

Voyager’s financial assets

During the court proceedings, Voyager told a bankruptcy judge that it owed about $1.8 billion to 100,000 creditors. It is also reported that the company only has $1.3 billion in crypto assets on the crypto platform, $104 million in cash, and a claim against the now defunct 3AC for around $650 million.
Voyager is one of several crypto firms to seek liquidation protection amid the recent market downturn related to Terra (LUNA) and UST.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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