Binance.Us acquire Voyager – Bankrupt crypto lender, Voyager is one step closer to being acquired by the American arm of Binance, Binance.Us. Voyager’s Unsecured Creditors Committee has finally penned a deal with the United States Government to allow Binance.Us to buy its asset for $1 billion.
This update comes after several attempts to stop the acquisition deal has been made by the SEC and Justice Department. The announcement was made on the Official Committee of Unsecured Creditors Twitter account. On April 19, the committee announced the latest development via its page.
According to the tweet, all involved parties have reached an agreement that will ease the completion of the deal. See the tweet below:
1/ Voyager, the UCC, and the Government reached a resolution that will allow the Plan to move forward and go effective shortly.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) April 19, 2023
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A filing in a New York District Court states that the world’s largest crypto exchange, Binance will move on with the deal to acquire the crypto lender for $1 billion. Also, according to the filing, the government can proceed with working on an appeal on “exculpatory provision” The appeal will protect the embattled crypto-lending firm from legal responsibilities.
For context, an “exculpatory provision” provides that directors of corporations are not held responsible for monetary damages for breaching fiduciary.
How Soon Can the Deal Be Closed
Voyager and its Unsecured Creditors Committee are working with Binance.Us to finish the deal soon once the conditions are set by the New York District Court.
In a statement, the Unsecured Creditors Committee said:
“The resolution is embodied in a joint stipulation providing that the appeals will continue with respect to the Plan’s exculpation provision. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay.”
Voyagers native token VGX has experienced a positive impact with this news. At the time of writing, the token surged more than 20% in the last 24 hours and is trading at $0.3919.
Voyager’s Acquisition Hurdles
In July 2022, Voyager filed for Chapter 11 bankruptcy pointing to unfavorable market conditions. In a bid to rescue the embattled company, several firms proposed different strategies.
Also, in January 2023 the American arm of Binance was approved by the court to purchase some of Voyager’s assets. Nevertheless, the SEC expressed concerns over the legality of the transaction.
In spite of this, Voyager was able to secure approval to sell assets worth $1 billion to Binance.Us from Judge Michael Wiles. Still, the United States D.O.J. did not favor the court’s decision. On March 19, the Department of Justice appealed the ruling made by the court.
VGX Price Today
According to live data from CoinMarketCap, Voyagers token VGX is currently trading at $0.391918 USD. It is ranked #264 on the CoinMarketCap chart with a live market cap of $109,142,200 USD.
