On July 5, 2022, New York-based cryptocurrency trade, Voyager Digital Holdings, Inc. together with its publicly traded Canadian affiliate, Voyager Digital Ltd., filed a petition for aid below Chapter 11 of the Chapter Code within the Chapter Courtroom for the Southern District of New York (Case No. 22-10943). The corporate stories $1 to $10 billion in each property and liabilities. The Debtors will pursue reorganization each by Chapter 11 within the U.S. and below the Corporations’ Collectors Association Act in Canada.
On July 5, 2022, the Toronto inventory trade halted buying and selling of Voyager Digital Ltd. The Debtors say their filings had been pushed by the current drops in cryptocurrency costs and a major cost default from borrower Three Arrow Capital, who filed its personal Chapter 15 petition on July 1. The Debtors are pursuing a plan sponsor to effectuate a stand-alone restructuring, which, as contemplated, would entitle account holders to sure liquid property, recoveries from prepetition debtors, and almost all reorganized frequent fairness.
Cole Schotz doesn’t symbolize the Debtors in these instances. We’re posting this for informational functions solely. When you’ve got obtained a discover and have any questions, you must contact Debtors’ counsel.
Cole Schotz’s nationally famend Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
