Bankrupt crypto lender Voyager may repay customers 72% of their accounts' value if the company can sell itself to digital-asset exchange FTX US.
However, Voyager can choose to cancel the deal if they are able to get a higher deal that will pay its customers more. US Bankruptcy Judge Michael E. Wiles approved this agreement on Wednesday.
Wiles has also urged Voyager to a "fiduciary out," which is a standard bankruptcy clause. It allows companies under protection from the bank to accept higher offers until a sale is final.
Voyager bankruptcy attorney Christine Okike has told Wiles that FTX is currently the "only viable alternative" for the company. Still, they have agreed to change how the fiduciary out is worded to ensure a better offer can be considered.
According to Voyager, Wiles has been requested to provide permission to send the payout plan to creditors and customers for a vote. Following that, Wiles has also been asked to approve the sale if creditors vote in favour.
Voyager's...
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