By Richard Hines
U.S. District Judge approves of Binance Bid to purchase the insolvent lending firm, Voyager. This approval comes after weeks of opposition from the Securities and Exchange Commission (SEC), Alameda Research and some other U.S. regulators.
Deal Goes Through Amidst Oppositions
Voyager, an insolvent crypto lending firm, accepted Binance’s bid to purchase it last year. This came after an agreement between FTX and Voyager to buy the company fell through after FTX declared bankruptcy.
Binance stepped in and made a bid to purchase the company with a hard to resist bid.
U.S. District Judge Micheal Wiles recently approved Binance’s purchase of the company. He approved the disclosure statement, which detailed the purchase plan to acquire Voyager assets.
However, this agreement will be subject to further approval from Voyager creditors in March.
Voyager had previously agreed to sell its assets to FTX exchange, but the deal fell through when FTX got liquidated and went bankrupt.
Binance U.S. quickly entered the scene with a hard-to-resist bid to acquire Voyager assets.
Best Interest For Voyager Creditors
Joshua Sussborg, the attorney representing Voyager, stated that accepting the Binance U.S. bid is in the best interests of the investors and Voyager’s creditors and will benefit the company.
Sussborg stated that it does not want the deal to be delayed and prevent investors from reclaiming their crypto assets. He also analyzed the self-liquidation process and concluded that it is not an efficient method of returning our investors’ funds.
This acquisition deal was met with strong opposition from the SEC, Alameda Research, and US regulators, among others.
The Commission on Foreign Investment stated that it will review the lending company’s deals from the previous year, but the judge ruled this out as an issue for another day.
During the court proceedings, Christine Okike, a partner at Kirkland & Ellis representing Voyager, stated that the lawyers had resolved the matter on the ground for today concerning the SEC and regulator’s inquiries.
She went on to say that it has been confirmed that they have done their due diligence on the deal. According to their inquiries, Binance U.S. has enough funds to cover the costs of this deal with Voyager as well as repay debtors.