Crypto Lender Voyager Says Majority of Customers Voted for Restructuring Plan With Binance US

Crypto lender Voyager Digital Holdings, which filed for bankruptcy last year, said Tuesday night that 97% of its customers, representing 98% of total claims, voted in favor of a chapter 11 restructuring plan which will see Binance US acquire some of its assets.

Overall, the 98% of claims from account holders represent over $500 million worth, with unsecured claims representing another $3 million or so (of which, $2.95 million represent unsecured claims against the TopCo and $40,000 represent claims against the holding company), according to a filing made late Tuesday night. The company will appear at a bankruptcy hearing on Thursday where its attorneys will seek court approval for the restructuring plan.

Voyager customer voting on the company’s chapter 11 plan has concluded and finalized: of those who participated, 97% of customers, representing 98% of the total claims, voted in favor. (1/2)

— Voyager (@investvoyager) February 28, 2023

A majority of the company's creditors also voted to opt their claims into a "wind-down entity," according to a breakdown of votes included in a declaration by Stretto director Leticia Sanchez. In that tabulation, 65% of Class 3 Ballots, referring to account holder claims, voted to opt-in, while 85% of "holders of claims or interests in the non-voting classes" voted to opt-in.

The plan has faced opposition from regulators, with both state and federal regulators expressing concerns about Binance US's role in Voyager's restructuring.