Binance US restructuring plan favored by 97% of Voyager customers

cointelegraph.com:

A move by Binance US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers.

A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.

Bankruptcy management firm Stretto conducted the balloting of Voyager customers which polled 61,300 account holders with claims against the embattled crypto lender.

Of that total, 59,183 voted in favor of the Binance US restructuring plan with just 3%, or 2,117 voters rejecting it.

The voters were divided into four classes including, account holder claims and three categories of those with “general unsecured claims.” The latter groups also voted in favor of the proposal.

In December, Binance US disclosed an agreement to buy Voyager’s assets for $1.02 billion. According to the press release at the time, the Binance US bid “aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”

However, there has been a lot of pushback and numerous objections to the proposal by the American division of the world’s largest crypto exchange.

According to a Feb. 24 court filing, the Texas State Securities Board and the Department of Banking objected to the proposed deal.

It claimed the restructuring plan contain a number of “inadequate" disclosures. Some of these included not informing unsecured creditors that they may only get 24% to 26% recovery rather than the 51% they would receive under Chapter 7 bankruptcy.

Related: Voyager is selling crypto assets through Coinbase, suggests on-chain data

The Securities and Exchange Commission (SEC) also objected to