Bankrupt Lender Voyager Fetches $200 Million Loan From Alameda

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The bankrupt crypto lender, Voyager, has signed a non-binding time period sheet with SBF-controlled quantitative buying and selling agency, Alameda Research, to safe loans amid the turmoil out there.

The two loans shall be primarily denominated in crypto.

Voyager-Alameda Deal

As per the announcement, the primary a part of Voyager’s line of credit score entails a mixture of money and USDC-based credit score facility with an combination principal quantity of $200 million. The second revolving credit score facility is for 15,000 BTC, price roughly $309 million.

In trade for the mortgage, Alameda will obtain round $160 million as pledged collateral within the type of 4.65 million FTT ($112 million approx.) and 63.75 million in SRM (almost $49 million).

In an announcement, Voyager’s Chief Executive Officer, Stephen Ehrlich, mentioned,

“Today’s actions give Voyager extra flexibility to mitigate present market situations and strengthen our relationship with one of many business leaders. Safeguarding buyer property is all the time our high precedence, and ongoing, prudent threat administration in addition to a robust stability sheet are two ways in which we proceed to show that precedence.”

In addition to the loans, Voyager Digital revealed that its stability sheet is now price greater than $200 million.

After struggling big losses from its publicity to crypto hedge fund Three Arrows Capital (3AC), Voyager Digital filed for Chapter 11 chapter in New York in July this 12 months. The lender held an asset public sale the place its bidders have been stored confidential.

However, FTX and Alameda went on to announce their bid on social media, which led to a public spat in addition to a court docket tussle. Voyager then mentioned the bailout deal supplied by three corporations related to Sam Bankman-Fried “overtly disparaged” the lender and made “deceptive and outrightly false” assertions.

Voyager Drama

Voyager reportedly deliberate to pay $1.6 million in bonuses to its high 34 workers members. The lender detailed that these workers are a part of the accounting, legal, and IT infrastructure branches and can obtain an additional 22.5% of their annual paychecks. Voyager attorneys imagine that providing bonuses to the staff’s most necessary members is a crucial step since these professionals ought to information the agency’s rescue plan.

The troubles for Voyager additionally dragged Mark Cuban, the proprietor of the NBA staff, The Dallas Mavericks. A lawsuit was filed final month alleging that he and Stephen Ehrlich lured “younger and inexperienced traders” to place their financial savings into the corporate by selling Voyager merchandise on a number of events.

The plaintiffs accused Voyager of running a “Ponzi Scheme” and claimed the duo went on to nice lengths to dupe tens of millions of Americans through the use of their expertise as traders.

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