All about Voyager asking for repayment of $200 million loan from Alameda

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Court filings done by digital travel indicate that the bankrupt crypto lender is seeking to unwind a loan of $200 million which has been extended to Alameda SearchSam Bankman-Fried’s quantitative crypto trading firm.

Refund Details

The loan was initiated in September last year against the guarantee of $160 million posted by Alameda Research. Upon reimbursement, Voyager will release the guarantee, which consists of 4.65 million FTX tokens (FTT) worth $111.6 million, and 63.75 million serum (SRM) worth $49.25 million.

6,553 BTC ($127.8 million) and 51,204 ETH ($70.2 million) constitute the principal amount of the loan. The loan consists of smaller amounts denominated in several other tokens. Reimbursement is due by September 30.

When Voyager had voluntarily requested Chapter 11 bankruptcy July 5, Alameda Research announcement within days he would be ready to repay all outstanding debts and secure his security at Voyager’s discretion.

Accumulate money

Voyager Digital’s recent actions suggest the company is looking to hoard cash, which could counter the hole in its balance sheet left by several creditors who defaulted on their loans, including the $650 million now defunct crypto hedge fund loan Three Capita ArrowsI.

Voyager had announced on September 6 that it would liquidate its remaining assets through an auction scheduled for September 13. This news brought relief to creditors as the auction indicated multiple bids for the company’s assets. From the 20 September, the auction had not concluded.

Sam Bankman-Fried’s FTX and Binance crypto exchange have been identified as the two favorites competing to acquire Voyager’s assets at the auction.

Deep links

Voyager Digital’s relationship with Alameda or even Sam Bankman-Fried is not limited to the loan or events related to the recent auction.

After the crash of Terra and the subsequent collapse of 3AC which triggered the crypto contagion, Traveler announcement that he had signed a terminology record with FTX securing a $200 million line of credit after facing financial difficulties. This credit facility carried a 5% annual interest rate. The agreement included an additional revolving credit facility for 15,000 BTC

However, Voyager’s large exposure to 3AC rendered FTX’s credit facility useless as the crypto lender announced on July 1 that it was halting all trading activities, followed by bankruptcy proceedings later that week. .

July 22, FTX announcement a joint offer with West Realm Shires Inc.. to acquire the digital assets of digital travel, while absorbing their outstanding debt. This offer did not include the $654 million loan granted by the latter to Capital of the Three Arrows.

Voyager rejected FTX’s offer on July 24 with a strong statement filing in court, stating that FTX’s offer did not reflect optimal value for Voyager’s customers and was rather detrimental to them. Voyager further criticized FTX for publicize their bailout offer, calling their actions misleading.

The letter too accused FTX of undermining the “coordinated, confidential and competitive bidding process”, jeopardizing potential deals for the company, adding that FTX had violated its obligations to debtors and the bankruptcy court.

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