Crypto Lender Voyager Digital Has Received Several Purchase Offers Higher Than FTX’s: Report
The company last week rejected FTX’s proposal to purchase its assets and offer early liquidity to its customers.
Aug 4, 2022 at 8:01 p.m. UTCUpdated May 11, 2023 at 6:52 p.m. UTC
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Crypto lender Voyager Digital has already received multiple bids to buy it that are higher than the one from the FTX exchange and its sister firm Alameda, Voyager’s attorney said in court Thursday, according to a Bloomberg report.
- Voyager Digital got the other offers after Sam Bankman-Fried's FTX offered last month to purchase the company with cash and offer early liquidity on customers’ bankruptcy claims. These customers would also be able to create new accounts on FTX.
- Voyager rejected FTX’s offer last week, calling it a “low-ball bid dressed up as a white knight rescue" that only benefits FTX.
- FTX’s offer to purchase Voyager is actually the lowest received thus far, Voyager attorney Joshua Sussberg said in court, according to Bloomberg. He did not disclose details of those other bids.
- Sussberg also said the rival offers would allow customers to recover much more than 30 cents on the dollar.
- Alameda had previously given Voyager a loan through a $200 million cash/USDC-backed credit facility and 15,000 BTC.
- In a second day hearing presentation, Voyager said that so far 88 potentially interested parties have been contacted during its restructuring process, 46 parties signed non-disclosure agreements and 22 parties are active in its sales process. The final bid deadline is on Aug. 26 and sale hearing will be held on Sept. 7.
- Voyager also said in the presentation that its advisors are engaged in "active discussions" with over 20 potentially interested parties and the lender plans to emerge from bankruptcy in the first quarter of next year.
- Earlier, Wall Street Journal also reported that the lender has gotten approval to return $270 million in customer cash from Judge Michael Wiles of the U.S. Bankruptcy Court in New York, who is overseeing the bankruptcy proceedings.
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UPDATE (August 4, 2:52 UTC): Added details about company's restructuring process and report of customers' cash return approval.
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