Customers of bankrupt crypto lender Voyager Digital may be able to recover 72% of the value of their accounts under a tentative deal with FTX US, according to court documents.
However, United States bankruptcy judge Michael Wiles during a court hearing said the tentative sale would not be final until it receives the approval of Voyager’s creditors and he approves the bankruptcy payout plan, saying during the court hearing:
“If the plan falls apart, there’s no part of this agreement that survives.”
There is also the inclusion of a clause called a “fiduciary out,” which allows Voyager to cancel the deal with FTX should any offers be presented that offer a better outcome for creditors.
The clause is often included in bankruptcy cases, allowing companies to consider higher offers until the sale is finalized to ensure creditors get the best deal possible.
Voyager had previously hinted that its customers may eventually transition to the FTX platform after the exchange had secured the...
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