The Assets of Voyager Will Be Sold at Auction
The bankrupt lender will conduct an auction in New York on September 13, with the successful bidder to be announced in three weeks.
Two months after declaring for bankruptcy, Voyager Digital will dispose of its remaining assets at an auction slated for the week after next.
The auction will take place on September 13 at 10:00 a.m. Eastern Time in the New York office of Voyager’s investment banker, Moelis & Company. The findings will be revealed in court on September 29 at 2:00 p.m. Eastern Time.
Holding an auction suggests that Voyager received several offers for its assets. Finalization of the best bidder would be the first stage for consumers to retrieve their assets trapped on the brokerage’s platform.
In bankruptcy auctions, a debtor may choose to discharge their debt by allowing other parties to bid on its assets. External parties view this as an opportunity to acquire expensive assets at a discount. After the auction, the funds are often intended for creditors.
Prior to the extension of the offer deadline from August 26 to September 6, it is possible that more than 88 interested parties contacted Voyager’s legal team. It was in active negotiations with 22 parties at the time.
Sam Bankman-Fried made a joint offer through Alameda Ventures and FTX in late July, but the lender has not disclosed the interested parties. This plan was quickly rejected by Voyager, which described it as a “low-ball offer disguised as a white knight rescue.”
According to CoinDesk, Binance was also interested in acquiring Voyager’s troubled assets, while Coinbase considered making an offer but ultimately declined.
In addition to trying to find a buyer, Voyager has been attempting to recover client payments. It received court approval to repay $270 million to clients last month. During bankruptcy proceedings, an additional $1,3 billion in digital assets on the company’s platform would be transferred to creditors.