A federal judge approved an agreement between the FTX exchange and Voyager Digital, under which the crypto broker will reserve $445 million to pay claims by Alameda Research. The Block reports.
The deal between the two bankrupt crypto firms could potentially increase the amount recoverable for creditors of FTX and its ‘daughter’ Alameda.
The latter in January filed a lawsuit against Voyager seeking repayment of loan disbursements that totaled the stated sum.
The unsecured creditor committees of both companies will participate in resolving deal-related issues. Under the agreement, the parties agreed to provide mediation and a framework for court consideration of potential disputes.
FTX and more than a hundred affiliated entities such as Alameda filed for bankruptcy in November 2022. Voyager took this step as early as July.
In March the court approved the sale of the crypto broker’s assets to Binance.US. Lawyers estimate that, under the restructuring plan, creditors could recover roughly 73%. If Alameda’s claims are satisfied by the firm, the figure would fall to 48%.
In September 2022, FTX won the auction to sell Voyager’s assets. The bankrupt firm reached a preliminary agreement with the U.S. unit of the exchange run by Sam Bankman-Fried.
After the resumption of the bidding process at the end of the year, the highest bid was placed by Binance.US.