Voyager Digital Fundsthe American operator of a crypto platform digital traveland two affiliate debtors have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, by Strettoa bankruptcy specialist, data.
The estimated liabilities and assets are in the range of USD 1 billion and USD 10 billion, by Data from Bloomberg Law.
No other details were provided.
Chapter 11 in general provides for a reorganization, usually involving a corporation or partnership. A Chapter 11 debtor typically comes up with a reorganization plan to keep their business alive and pay creditors over time.
As reported, last week Voyager Digital said it was “temporarily” suspending trades, deposits, withdrawals and loyalty rewards.
“This decision gives us more time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information when appropriate,” said Stephen Ehrlich. , CEO of Voyager. say at the time.
As also noted, the company’s exposure to a struggling crypto fund Capital of the Three Arrows consists of 15,250 BTC (307 USD) and 350 million USDC, while they have also entered into a multi-million line of credit agreement with Alameda Venturesa quantitative trading company and the parent company of the FTX swap.