Voyager UCC claims that the company is "finalizing everything internally that is necessary to make distributions to creditors."
Creditors of the insolvent crypto broker Voyager Digital might see their funds returned within a matter of weeks as the company wraps up its bankruptcy liquidation process.
The Voyager Official Committee of Unsecured Creditors (UCC) shared in a May 4th tweet that Voyager is approaching the end of its bankruptcy liquidation procedures.
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The UCC expressed optimism, stating that initial distributions could commence "within the next few weeks."
In a Twitter thread, UCC highlighted that Voyager is "finalizing everything internally that is necessary to make distributions to creditors."
The news comes less than two weeks after Binance.US withdrew from a $1.02 billion asset purchase agreement with Voyager.
At that time, the crypto exchange cited an "unfriendly and uncertain regulatory environment in the United States" as its reason for abandoning the deal.
Luckily for Voyager, their restructuring plan includes a "toggle option" for self-liquidation in light of Binance.US's decision. This option enables the crypto broker to distribute cash and crypto directly to customers through their own platform.
The UCC expressed disappointment in Binance.US's actions and revealed plans to investigate potential claims against the crypto exchange for its last-minute call-off.
Before the liquidation procedures can commence, Voyager must file them with the US Bankruptcy Court for the Southern District of New York. The committee noted that all parties would have a 10-day window to object to the liquidation procedures.
If no objections arise within the specified timeframe, Voyager's restructuring plan will go into effect. However, if a complaint is submitted, the court will hold a hearing to address the protest before approving the liquidation plan.
It's important to note that 97% of the 61,300 Voyager customers voted in favor of the court's restructuring plan.
Voyager Digital's creditors may soon find relief as the company nears the end of its bankruptcy liquidation process, despite Binance.US's withdrawal from the initial deal.
