Voyager is among the crypto firms affected by the ongoing recession across the cryptocurrency market. The company has now announced that it has pushed its bidding and restructuring deadline until September 6.
The firm released a blog post this week announcing the deadline extension. The bids were initially meant to be submitted by August 26. However, it has now been confirmed that the deadline has been pushed to September 6, while the sale hearing will happen on September 29.
The firm said that since the company announced September 6 as the initial deadline, it received numerous requests from new bidders wanting additional time to get information and submit their offers.
The bids can be made in different forms, from offering to buy the firm’s assets to having a restructuring plan or offering to help in the reorganization. After all the bids have been submitted, the legal counsel of Voyager will assess the proposals that give the most value to creditors and customers.
However, the proposals that will be tabled could have a wide range of offerings, from the dollar amount to the level of assistance given in the reorganization. The bids are confidential during the process, and the approved parties have to sign confidentiality agreements, and the bidding procedures also have to be stipulated by the court.
One of the requirements that have been put across is that the bidders should not communicate with each other unless such communication has been authorized beforehand.
FTX’s proposal to Voyager
FTX is among the crypto companies that have exhibited a robust financial performance despite the bear market. FTX, alongside Alameda Research, bailed out several companies, including BlockFi and Voyager.
FTX publicized an offer to acquire Voyager client accounts two weeks after the exchange filed for bankruptcy. The publicized offer created friction between the two companies, with Voyager’s legal team saying that the exchange’s offer was too low and that the firm had failed to respect the bidding process.
In late July, after the FTX and Alameda bid, the CEO of FTX, Sam Bankman-Fried, said that the offer was meant to provide early liquidity to the project and to ensure that customers would receive a part of their assets without going through the lengthy and costly bankruptcy process.
