{"id":20625,"date":"2023-05-06T12:13:45","date_gmt":"2023-05-06T12:13:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/voyager-digital-provides-update-on-reimbursement-plan-for-creditors-bitcoin-news\/"},"modified":"2023-05-06T12:13:45","modified_gmt":"2023-05-06T12:13:45","slug":"voyager-digital-provides-update-on-reimbursement-plan-for-creditors-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/voyager-digital-provides-update-on-reimbursement-plan-for-creditors-bitcoin-news\/","title":{"rendered":"Voyager Digital Provides Update on Reimbursement Plan for Creditors \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Following Binance\u2019s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions \u201cwithin the next few weeks.\u201d This update comes nine days after Binance\u2019s decision to back away from the deal.<\/strong><\/p>\n

Voyager Digital Expects Initial Distributions to Creditors \u2018Within the Next Few Weeks\u2019<\/h2>\n

Voyager Digital has published an update for creditors. According to a tweet<\/a> from the firm on May 4, 2023, they may be able to expect some cash or crypto back \u201cin a few weeks.\u201d This update comes after a long and difficult journey for the TSX-listed crypto lender. Last year on July 1, 2022, Voyager Digital halted withdrawals<\/a> and filed for bankruptcy<\/a> just days later. Since then, the defunct business has been navigating the bankruptcy process after it was almost acquired by Binance US.<\/p>\n

After Binance US backed out of the deal<\/a>, the crypto lender has been left to navigate the bankruptcy process in the Southern District of New York in order to reimburse creditors. But despite the challenges, Voyager Digital says it is making progress. In the tweet on Thursday, the firm explained that they are \u201cin the process of finalizing liquidation procedures.\u201d Voyager also reminded creditors that the liquidation procedures must be filed before the plan can go into effect.<\/p>\n

While Voyager is moving forward with their plan to reimburse creditors, there\u2019s still a chance for objections. According to the firm, parties will have ten full days to object to the plan. If no objections are filed, Voyager intends to go \u201ceffective\u201d with the plan at that time. However, if an objection is filed, the court will hold a hearing to consider the objection before the plan can go into effect. The plan had a clause that explained what would happen if the Binance US deal fell through, which allowed Voyager to begin liquidating assets.<\/p>\n

The company stated<\/a> on Thursday:<\/p>\n

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Voyager is also finalizing everything internally that is necessary to make distributions to creditors. We are hopeful that initial distributions will begin within the next few weeks.<\/p>\n<\/blockquote>\n

The news of Voyager Digital\u2019s plan to reimburse creditors has been met with mixed reactions. While many customers are pleased with the progress, others are feeling frustrated. One person responded<\/a> that customers wanted their assets \u201clast August and July.\u201d Another individual stressed<\/a> on Twitter, \u201cHurry up!\u201d And yet another person added<\/a>, \u201cNo one, I repeat no one, file an objection! Ok!\u201d<\/p>\n

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Assets<\/a>, bankruptcy process<\/a>, Binance.us<\/a>, creditors<\/a>, Crypto lender<\/a>, initial distributions<\/a>, liquidation procedures<\/a>, mixed reactions<\/a>, objections<\/a>, progress<\/a>, reimbursement plan<\/a>, Voyager Digital<\/a><\/div>\n<\/div>\n

What are your thoughts on Voyager Digital\u2019s plan to reimburse creditors? Do you think they\u2019re making progress, or do you feel frustrated by the delays? Share your opinions in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, mundissima \/ Shutterstock.com<\/em><\/p>\n

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