A
bankruptcy court in the United States has sanctioned the liquidation plans of
bankrupt crypto lender Voyager Digital, permitting the firm to end its Chapter
11 reorganization efforts. Judge Michael Wiles gave the approval on Wednesday
during a hearing in Manhattan, according to court documents seen by
Reuters.
Tomorrow’s hearing on the Liquidation Procedures will be going forward given that one creditor submitted a letter to the Court in response to the procedures. We will provide another update after the hearing concludes.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) May 16, 2023
The crypto
lender’s lawyers have previously said the firm will self-liquidate and
shut down its
operation after Binance.US abandoned
a $1 billion deal to purchase the firm’s assets. The American arm of the leading
cryptocurrency exchange did not give a specific reason for backing out but
hinted at “the hostile and uncertain regulatory climate in the United States.”
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023
Voyager
filed for bankruptcy
