Nearly all customers of bankrupt crypto broker Voyager Digital have voted in favor of the company’s plan to sell its assets to Binance.US, the American affiliate of the crypto giant.
According to a Tuesday filing at the United States Bankruptcy Court for the Southern District Of New York, about 97% of Voyager’s account holders accepted the $1 billion deal with Binance.US.
Over 59k Voters Favor Voyager-Binance.US Deal
The voting process was handled by the corporate restructuring firm Stretto and documented by Director Leticia Sanchez.
According to Stretto, the voters were grouped into four, namely, Class 3 – Account Holder Claims, Class 4A – OpCo General Unsecured Claims, Class 4B – HoldCo General Unsecured Claims, and Class 4C – TopCo General Unsecured Claims.
The ballots were released to voters on January 25 with a submission deadline of February 22. The restructuring company released both hard copies and virtual ballots.
“For a Ballot to be counted as valid, the Ballot was required to have complied with the Solicitation and Voting Procedures, including the requirement that the Ballot be properly completed, executed by the Holder of the Claim (or such Holder’s authorized representative), be submitted by an entity entitled to vote, and received by Stretto on or before the Voting Deadline,” Stretto said.
Of all eligible voters who participated in the process, 59,183 accepted the deal, while 2,117 users rejected it.
U.S. Regulators Object
Recall that Binance.US entered into the $1 billion deal with Voyager after crypto exchange FTX, the initial winner of the asset auction, went bankrupt.
The deal received initial approval on January 10. As per reports, United States District Judge Michael Wiles greenlighted the arrangement, asking both firms to develop a purchase plan and solicit creditor votes on the sale.
Upon final approval from the court during a hearing this month, the sale will enable the return of 51% of customers’ assets that were held back due to the bankruptcy filing.
Meanwhile, several U.S. entities have filed objections to the restructuring plan. The Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Texas State Securities Board have all opposed the motion.
The post 97% of Voyager’s Customers Vote in Favor of Binance.US Restructuring Plan appeared first on CryptoPotato.
