Voyager, a cryptocurrency trading platform that recently filed for bankruptcy, has released details on how it plans to execute its chapter 11 plan and provide initial recoveries to customers. The company has filed procedures with the Bankruptcy Court, which include the option for customers to receive their initial recoveries in either crypto through the Voyager app or in cash after a 30-day crypto withdrawal period.
According to the company, the estate has $1.334 billion in assets, which equates to 75.68% of the total value of customer claims against Voyager’s estate. Customers will receive an initial recovery estimated to be 35.72% of their claim amount due to certain holdback.
However, customers may receive additional recoveries in the future, depending on the resolution of the FTX/Alameda preference claim dispute and the success of any additional claims brought by the Voyager Plan Administrator against third parties.
The Voyager app supports the transfer of several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Customers will have 30 days to log in and transfer supported crypto from their Voyager account to a designated wallet address. Holders of certain unsupported crypto coins and VGX will receive a pro rata amount of USDC in lieu of those specific coins, which can then be transferred off the platform.
The company has provided a restructuring information line for customers to get more information on next steps. Voyager is making every effort to open the platform as quickly as possible once the liquidation procedures are approved.
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