Almost a year after it filed for bankruptcy, Voyager Digital is close to reopening its app so that customers can access some of their funds locked on the platform.
In a court filing on Wednesday, Voyager’s bankruptcy plan administrator Paul Hage disclosed that the firm was now in a position to share a timeline for the initial distribution of funds to creditors.
He estimated that the Voyager app will be updated as early as Thursday to let creditors view the forms and amounts of their initial distribution. This initial disbursement will be 35% of the value of their claims, which collectively amounts to $1.33 billion worth of crypto assets.
Hage also expects the Voyager app to be reopened for withdrawals between June 20 and July 5 for a period of one month, where creditors will be able to withdraw their crypto in-kind.
“In most circumstances, the initial distributions of cryptocurrency will be made to creditors between three to seven calendar days after a withdrawal request is submitted on the Voyager platform,” Hage said.
The time between a withdrawal request and the actual receipt of funds depends on several factors, he said, including the volume of requests, security considerations and technical limitations of different blockchains.
After a series of challenges to Voyager’s reorganization plan, including two failed asset buyouts from FTX and then Binance.US, the firm opted to repay its creditors through a direct distribution plan. Last month, Voyager’s official committee of unsecured creditors said the firm was hopeful that funds would be paid out within the next few weeks.
