Voyager Digital will reserve $445 million to pay Alameda Research
The deal may increase the amount of funds to reimburse FTX’s creditors
09.03.2023 - 14:15
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A federal judge approved a stipulation between Voyager Digital and FTX, which includes an agreement that Voyager will set aside $445 million after an FTX entity sued it for loan repayments.
The deal between the bankrupt crypto firms could pave the way for FTX and Alameda Research to reclaim assets.
Alameda Research, FTX’s sibling company that also filed for bankruptcy protection, sued Voyager for $445 million in loan repayments in January.
Judge John Dorsey approved the stipulation between FTX and Voyager on Wednesday after an FTX hearing in the U.S. Bankruptcy Court for the District of Delaware was canceled earlier in the day. Dorsey also approved Katherine Stadler, a shareholder at the law firm Godfrey & Kahn, as the fee examiner in the FTX case.
The unsecured creditors committees in the Voyager and FTX bankruptcy cases are also part of the deal.
As part of the stipulation, the parties agreed to participate in non-binding mediation and establish a framework for the litigation of remaining disputes. The deal illustrates how intertwined some large digital asset firms are.
The Alameda lawsuit could have a significant impact on Voyager customers. Another federal judge presiding over the Voyager case approved a plan for Binance.US to buy Voyager assets this week.
Voyager customers could see a 73% recovery under the restructuring plan, but that percentage would drop to 48% if the FTX and Alameda claims are successful, lawyers say.
The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
This material is taken from the website https://www.theblock.co.
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