After a 4-day trial, the US bankruptcy court gave the “green light” to the Binance.US acquisition of Voyager.
A US bankruptcy court judge has 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 USD.
This plan has been approved by 97% of Voyager’s creditors, which 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 decided to still allow the transaction to proceed. Binance.US acquisition service.
Representatives of Binance.US are delighted with the court’s ruling:
“Our goal has always been to return assets to our clients as soon as possible and give them full control over their money. We hope to close the deal soon and welcome Voyager users to Binance.US.”
Even so, the judge said he could still change his mind if he received new information. 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 has skyrocketed by nearly 30% thanks to the news that the US court approved the deal with Binance.US.
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.