Voyager receives approximately $484 million for debt repayment from settlement with FTX and Three Arrows Capital

PANews reported on April 11 that Voyager Digital has made significant progress in post-bankruptcy creditor compensation, receiving $484.35 million through settlements with FTX, Three Arrows Capital, and directors and officers insurance claims, Cointelegraph reported. This marks an important step in the company's financial recovery and creditor redress efforts.

Voyager Digital disclosed in a comprehensive report filed with the U.S. Bankruptcy Court for the Southern District of New York on the asset recovery and creditor distribution after the company's financial collapse that the majority of the funds recovered, approximately $450 million, came from the settlement with FTX. The settlement, which includes interest, represents about 25% of Voyager's creditors' total claims and is expected to be released soon. In addition to the agreement with FTX, Voyager also received claims of approximately $675 million from ongoing litigation with Three Arrows Capital. Of this amount, $20.43 million represents Voyager’s pro-rata share of the initial distribution from Three Arrows Capital. The administrators expect further disbursements to be made in the coming years as assets are sold and further litigation settlements are reached. The settlement, reached through D&O Insurance Mediation, will also distribute at least $14.35 million to benefit Voyager's creditors.

As Voyager continues on the road to financial recovery, the company faces operational hurdles, including a large number of uncashed checks. There are still about 270,000 checks outstanding, with a total amount of $17 million, most of which have a face value of less than $25. Voyager has set an April 20 deadline after which uncashed checks will be voided if they remain uncollected.