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Voyager to Hold Onto $445M of Alameda Loan Repayments Pending Court Order or Settlement
Alameda, FTX's trading arm, filed suit in January to recover claw back repayments made to the crypto lender before its own bankruptcy filing.
Updated May 9, 2023, 4:08 a.m. Published Feb 23, 2023, 9:45 a.m.
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Estates for bankrupt crypto lender Voyager Digital and bankrupt crypto exchange FTX reached an interim agreement on $445 million of disputed loan payments, filings from Wednesday show.
Alameda Research, the trading arm of FTX, filed suit in January to claw back some loan repayments made to Voyager before its own bankruptcy filing. Under the deal, Voyager will keep hold of the disputed funds pending resolution by court order or a final settlement.
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In the January filing, Alameda asked a court to award it "no less than $445.8 million (plus the value of any additional avoidable transfers Plaintiff learns," and any additional fees incurred.
The Voyager estate will also continue to hold another $5 million deposit from FTX without use or distribution “until ownership of that deposit is litigated in the New York Bankruptcy Court and decided by settlement or a final and unappealable order, including any appeals therefrom,” Wednesday's filing said.
During the Wednesday court hearing, lawyers for Voyager said a plan to sell the bankrupt lender’s assets to Binance’s U.S. arm was underway, with 97% of creditors voting in favor of the sale.
FTX’s own bankruptcy proceedings are continuing at a Delaware court.
Read more: Voyager’s Binance US Sale Plan ‘Full Steam Ahead,’ Counsel Says
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