Bankruptcy lender Voyager recovers $200 million loan from Alameda

Bankrupt crypto lender Voyager has signed a non-binding term sheet with SBF-controlled quantitative trading firm Alameda Research to secure loans amid market turmoil.

The two loans will be primarily denominated in cryptocurrencies.

Voyager-Alameda Agreement

According to the announcement, the first tranche of the Voyager credit facility consists of a mix of cash credit facilities and USDC-based trust funds with a total value of $200 million. The second revolving credit facility is 15,000 bitcoins, worth approximately $309 million.

In exchange for the loan, Alameda will receive approximately $160 million in pledged guarantees in the form of $4.65 million in FTT (approximately $112 million) and $63.75 million in SRM (approximately $49 million).

In a statement, Voyager CEO Stephen Ehrlich said,

“Today’s actions give Voyager more flexibility to mitigate prevailing market conditions and strengthen our relationship with an industry leader. Protecting customer assets has always been our top priority, and prudent and ongoing risk management and a robust balance sheet are two ways we continue to demonstrate this priority.”

In addition to loans, Voyager Digital revealed that its balance sheet now stands at more than $200 million.

After suffering heavy losses from its exposure to crypto hedge fund Three Arrows Capital (3AC), Voyager Digital filed for Chapter 11 bankruptcy in New York in July of this year. The lender held an asset auction where the confidentiality of the bidders was kept.

However, FTX and Alameda continued to advertise their show on social media, sparking a public controversy as well as a court battle. Voyager then said the bailout offered by three companies linked to Sam Bankman-Fried “frankly offended” the lender and made “misleading and downright false” claims.

Voyager Drama

Voyager reportedly planned to pay $1.6 million in bonuses to its 34 best employees. The lender said the employees are part of the accounting, law and IT infrastructure branches and will receive an additional 22.5% of their annual salary. Voyager’s lawyers believe that offering bonuses to key team members is an important step because these professionals should direct the company’s rescue plan.

Voyager’s problems also involved Mark Cuban, owner of the NBA team, the Dallas Mavericks. A lawsuit filed last month alleges that he and Stephen Ehrlich lured “small and inexperienced investors” to put their savings into the company by promoting Voyager products on multiple occasions.

Prosecutors accused Voyager of running a “Ponzi scheme” and claimed the duo went to great lengths to defraud millions of Americans by using their experience as investors.

Post-bankruptcy loan Lender Voyager who took out a $200 million loan from Alameda debuted on CryptoPotato.

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