FTX US wins auction for Voyager Digital with bid valued at $1.4B

FTX US, under the name West Realm Shires, made the highest bid, valued at ~$1.42B, for Voyager Digital (OTCPK:VYGVQ) after multiple rounds of bidding in an auction process that lasted two weeks, Voyager said late Monday.
The bid for the cryptocurrency company will be presented to the U.S. Bankruptcy Court for the Southern District of New York for approval on Oct. 19, 2022.
Voyager (OTCPK:VYGVQ) entered into Chapter 11 bankruptcy on July 5, 2022. Since the filing, Voyager has engaged in a dual-track process, considering both a potential sale and a standalone reorganization.
FTX US's bid is comprised of the fair market value of Voyager's cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311B, plus additional consideration that is estimated as providing ~$111M of incremental value. The company's claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery to the estate's creditors.
Last week, Voyager Digital's (VYGVF) finance chief resigned from the company