- Voyager Digital and its main operating subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York
- Voyager Digital plans to seek recognition of the Chapter 11 case of Voyager in the Ontario Superior Court of Justice in line with the Companies’ Creditors Arrangement Act
- The company says it has over $110 million of cash and owned crypto assets on hand, which will provide liquidity to support day-to-day operations during the Chapter 11 process
- The company also announced the appointment of four new independent directors
- Voyager Digital Ltd.’s subsidiary, Voyager Digital, LLC, is a cryptocurrency platform in the United States
- Voyager Digital Ltd. opened trading at $0.335 per share
Voyager Digital (VOYG) has commenced a voluntary Chapter 11 process to maximize value for all stakeholders.
In pursuit of this, Voyager Digital and its main operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court of the Southern District of New York.
Voyager Digital plans to seek recognition of the Chapter 11 case of Voyager in the Ontario Superior Court of Justice in line with the Companies’ Creditors Arrangement Act.
“This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers,” stated Stephen Ehrlich, Chief Executive Officer of Voyager.
“While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” he added.
The company says it has over $110 million of cash and owned crypto assets on hand, which will provide liquidity to support day-to-day operations during the Chapter 11 process, in addition to more than $350 million of cash held in the For Benefit of Customers account at Metropolitan Commercial Bank.
Voyager also has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital of more than $650 million.
The company also announced the appointment of four new independent directors: Matthew Ray at Voyager Digital Ltd.; Scott Vogel at Voyager Digital Holdings, Inc.; and Jill Frizzley and Timothy Pohl at Voyager Digital LLC. Information regarding their backgrounds and relevant experience is included at the end of this release.
Voyager Digital Ltd.’s subsidiary, Voyager Digital, LLC, is a cryptocurrency platform in the United States.
Voyager Digital Ltd. opened trading at $0.335 per share.
