FTX US wins auction for Voyager Digital with bid valued at $1.4B
Sep. 27, 2022 7:48 AM ETVoyager Digital Ltd. (VYGVQ), VOYG:CABy: Liz Kiesche, SA News Editor7 Comments
- 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