Yesterday, the Court approved our proposal to restore access to cash held for the benefit of Voyager’s customers at Metropolitan Commercial Bank. We know how important it is to access your cash, and with this approval, we will soon begin processing cash withdrawals.
Accessing your cash
We anticipate resuming access to the Voyager app for cash withdrawals only, starting on Thursday, August 11th. Customers with cash (US dollars) in their accounts will receive an email with more details before cash withdrawal access in the app becomes available. We anticipate customers will receive their funds in about 5-10 business days after making their requests.
Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash. Once cash withdrawals are enabled, customers can withdraw up to $100,000 via the app/ACH in a 24-hour period.
Next steps in the reorganization process
- As part of our efforts to maximize the value of crypto on the platform, we are simultaneously pursuing a standalone restructuring process and a potential sale of the company.
- The Court approved our bidding procedures which will govern the sale process. Under these rules, bids are due by August 26th, and a Sale Hearing, if applicable, will be held on September 8th.
- The Court approved Monday, October 3rd, as the deadline for customers to file claims against Voyager, including claims for crypto holdings. See more details below on the claims process and who should file a claim.
- Finally, the Official Committee of Unsecured Creditors (UCC) was set up last month. The UCC has set up a website for customers at https://dm.epiq11.com/case/voyagercommittee/info and intends to host periodic town halls for customers. See more details below on the UCC.
Below we’ve provided answers to some questions that might be on your mind.
How and when can I access my cash?
- We anticipate resuming access to the Voyager app for cash (US dollar) withdrawals only, starting on Thursday, August 11th. Customers with cash in their accounts will receive an email with more details before cash withdrawal access in the app becomes available.
- We anticipate customers will receive their funds in about 5-10 business days after making their requests. Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash.
- Once cash withdrawals are enabled, customers can request withdrawals of up to $100,000 via ACH in a 24-hour period.
Do I need to file a claim as part of the overall process?
- Voyager is currently preparing its Schedules of Assets and Liabilities (the “Schedules”), which will include account holdings as of July 5th. The deadline for Voyager to file the Schedules with the Court is August 18th. Approximately 7-10 days after the documents are filed, Voyager account holders will receive a personalized email from Stretto containing a Notice of Claims Bar Date. This email will include information about how Voyager has listed holdings in your account on the Schedules.
- If you see any discrepancies between what is listed on the proof of claim form and your account, you can file a claim on our case website here. You must submit your proof of claim so that it is actually received by 5:00 p.m. Eastern Time on October 3rd by (i) electronically using the interface available on our notice and claims agent’s website at https://cases.stretto.com/Voyager, or (ii) first-class U.S. Mail, overnight mail, or other hand-delivery system, which proof of claim must include an original signature, at the following address: Voyager Claims Processing, c/o Stretto, 410 Exchange, Suite 100, Irvine, CA 92602.
- If you’ve already filed a claim, there is no need to file another.
What is the Unsecured Creditors Committee (UCC) and how does it represent my interests?
- The UCC represents all unsecured creditors as a group and does so without regard to the amounts or basis of claims that individuals may hold against Voyager and its subsidiaries.
- Members of the UCC are fiduciaries who act on behalf of all unsecured creditors and are legally bound to act in the group’s best interests.
- The UCC may consult with Voyager, seek information about the company and its business operations, and participate in the sale and plan process.
- UCC members are listed in the filing here.
How were the members of the UCC chosen, and how do I get in touch?
- There are seven members of the UCC, made up of Voyager customers who were selected by the US Trustee–who oversees the administration of bankruptcy cases.
- The UCC can be reached via their website: https://dm.epiq11.com/case/voyagercommittee/info.
What if I disagree with the UCC’s decisions or recommendations?
- Anyone who has a valid claim against Voyager that arose prior to July 5, 2022 will be permitted to vote on Voyagers’ plan of reorganization. If certain claim thresholds are not met, the plan will not move forward.
We will continue to use this blog to keep you informed about developments in the restructuring process and our work to return value to customers.
In the meantime, if you have questions, our claims agent Stretto is available at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271-6507 (for parties outside the U.S.). There is also a website at http://cases.stretto.com/Voyager, which includes court documents and other information.