Voyager Digital enters into Bankruptcy Law
The company entered Chapter 11 of the United States Bankruptcy Law voluntarily
Cryptocurrency trading and lending platform Voyager Digital voluntarily filed for Chapter 11 protection of the United States Bankruptcy Law in order to undertake the restructuring of the company and maximize value for all stakeholders.
The firm filed the voluntary petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York and intends to seek recognition of the case in the Ontario Superior Court of Justice, pursuant to the Companies Creditors Agreements Law.
In the documentation presented, Voyager Digital claims to have about 1,300 million dollars in crypto assets on the platform, plus 350 million dollars in cash in the Metropolitan Commercial Bank customer account, while accumulating claims for non-payment of more than 650 million dollars against the Three Arrows background.
This cryptocurrency-focused investment hedge fund failed to meet margin calls by several of its lenders in mid-June. Three Arrows had invested in the Terra and Luna cryptos, which went completely bankrupt and triggered a crisis of the cryptocurrency sector.
Last week Voyager suspended withdrawals as well as deposits and all transactions on its platform due to current market conditions.
K. Tovar
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Source: Bolsamania
