Voyager Digital announced in a blog post published today that it is extending the timeline for its bidding and configuration processes.
Normally, the final bids would be made today. The company extended this date until September 6th.
Voyager Digital Extends Offer Date
Voyager has extended the deadline for bids to be made until September 6. The statement made included the following:
“Since Voyager set a final bid period, existing and potential new bidders have requested additional time to obtain information and submit new bids”
Offers to Voyager may be in the form of suggestions for firm restructuring and assistance with restructuring. Once all offers have been submitted, the company will examine which offer provides the most benefits for customers and creditors. Offers can vary significantly depending on the level of assistance in restructuring in terms of the amount they offer.
Although bidders are normally kept confidential, FTX and partner company Alameda publicly announced their bid after Voyager’s bankruptcy. This gave rise to various comments that FTX did not respect the bidding process.
FTX CEO Sam Bankman-Fried said he sees this as an effort to provide early liquidity:
“The purpose of our joint proposal is to help create a better way to settle the business of a bankrupt crypto project. Customers getting their money in early will ensure that the company is not speculated about the consequences of bankruptcy.”
Voyager announced in July that it had filed for Chapter 11 bankruptcy.
