Today, we announced that Voyager is moving forward with a comprehensive financial restructuring process aimed at maximizing value for all stakeholders and efficiently returning value to customers. More information can be found here: Press Release.

Why is Voyager undergoing financial restructuring if it intends to continue operating?

  • Chapter 11 in the United States is a well-established legal process through which companies reorganize their financial obligations and emerge as stronger organizations while operating in the normal course.
  • The process provides an orderly path to maximize value for the company and its stakeholders, companies continue to fund ongoing operating obligations— including payroll and benefits, payments to vendors, and routine capital expenditures— through cash on hand or new financing.
  • Chapter 11 is very different from Chapter 7 and other types of reorganization where the focus is on liquidating assets and going out of business. Under a Chapter 11 filing — unlike a Chapter 7 filing – management remains in control of the business and the company largely maintains normal operations.

How long will this process take?

  • We will provide additional information on timing as it is available. Restructuring processes typically take a number of months.

When the platform re-opens, will I get back what I had on the platform before the filing?

  • The proposed Plan of Reorganization (“Plan”) would, upon implementation, resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval, customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens.
  • The plan contemplates an opportunity for customers to elect the proportion of common equity and crypto they will receive, subject to certain maximum thresholds.
  • Customers with USD deposits in their account(s) will receive access to those funds after a reconciliation and fraud prevention process is completed with Metropolitan Commercial Bank.

What will happen to withdrawal requests submitted prior to the announcement of the temporary suspension of trading, deposits, withdrawals, and rewards on July 1, 2022?

  • Withdrawal requests submitted prior to 2:00 p.m. Eastern Daylight Time on July 1, 2022 are in process and are subject to routine procedures, including security and anti-fraud review and processing by our banking partner.

I have a question that isn’t answered here. Where can I get more information?

  • We have engaged a claims agent, Stretto, to help answer questions from customers, employees, investors, partners and other stakeholders, to provide information about the restructuring process. Their restructuring information line can be contacted at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271-6507 (for parties outside the U.S.). They have also set up a website at https://cases.stretto.com/Voyager, which includes court documents and other information.