Bankruptcy court hearings to confirm Chapter 11 plans, which set forth how the company seeks to exit bankruptcy, are frequently delayed. These hearings are infrequently canceled. But on November 15, 2022, Voyager canceled its scheduled December 8, 2022, confirmation hearing, citing the FTX bankruptcy filing as the cause.
Just weeks earlier, Voyager promoted its planned sale of the substantial majority of its assets to FTX as the best possible outcome for its creditors in Voyager’s court-approved disclosure statement. It also described the sale consideration value as approximately $1.422 billion. The FTX entity, which entered into the agreement to purchase Voyager assets, is one of the more than 130 FTX entities that filed bankruptcy cases under the U.S. Bankruptcy Code in Delaware on November 11, 2022.
Voyager has publicly said it believes FTX has breached its agreement with Voyager. Meanwhile, Voyager also has said it is in discussions with other potential buyers and is, again, considering a plan that is not premised on a sale to a third party.