Over the past few days, leading up to our next hearing on August 4th, we filed several motions with the Court to support our objective of maximizing value for all stakeholders, including customers. These filings are part of the restructuring process, as we work collaboratively to reorganize the company. Here are the latest updates as we prepare for this hearing.
We know what matters to our customers is access to your USD. As we’ve shared previously, USD deposits are held in FBO accounts at Metropolitan Commercial Bank (MCB). One of our filings seeks Court approval for customers to be able to withdraw their cash from these accounts. Voyager will work with MCB to have cash withdrawal requests processed in the ordinary course following a review, reconciliation, and approval process. Our ability to do this is subject to approval by the Court.
We hope to know more about the timing of these cash withdrawals after August 4th, when the Court is set to hear this and other motions.
We are also asking the Court for additional relief, including permission to sell Coinify, a non-core asset of the company. We previously received Court approval to pay employees and other operating costs in the ordinary course of business. These bills are paid out of operating cash, not cash in the FBO accounts.
We know you’re eager to get additional answers, and we’re working to give you ongoing updates. The restructuring process, however, takes time. We will continue to make the effort to publish these blogs to keep you informed about the latest developments and our work to resume account access and 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.