Voyager issues notice of default to 3AC over $675M loan obligations, legal action next
Voyager Digital Limited has issued a default notice to Three Arrows Capital (3AC) for failing to pay its loan obligations.
according to press release, Voyager borrows 15,250 Bitcoins (about $ 325 million at the current price) and $ 350 million USDC. The company said it would take legal action to recover the funds.
“Voyager will seek recovery from 3AC and is discussing available legal remedies with company advisors.”
Ask Alameda Research for help
On June 22, Voyager implemented a $ 10,000 user withdrawal limit in response to an ongoing crypto-dereverage event.
According to that Website, Voyager has signed a bailout agreement with Alameda to meet its clients’ liquidity needs during this dynamic period. Bailout gives Voyager access to $ 200 million in cash and 15,000 BTC revolving loans and private USDC amounts.
“Voyager Digital Holdings, Inc. (” VDH “) is Alameda Ventures Ltd in connection with a previously disclosed credit facility. We have signed a final contract with (“Alameda”). Limit. “
Alameda has imposed some conditions on the bailout, including securing additional funding within 12 months. But the most important of these was the $ 75 million drawdown limit for a 30-day rolling period.
The post also stated that the company required 3AC to repay $ 25 million in USDC by June 24 and the outstanding balance to be paid by June 27.
“None of these amounts have been repaid, and if 3AC does not repay the requested amount by these specified dates, the default event will be configured.”
Do Voyager follow through?
Voyager He said he continued to process customer orders and withdrawals and was using the $ 75 million Alameda credit line available so far.
Voyager CEO Stephen Erich He added that the company is working to strengthen its balance sheet and continues to pursue other options to meet its liquidity demands.
“We are enthusiastic and swift to strengthen our balance sheet and pursue options to continue to meet our clients’ liquidity demands.”
In a recent tweet, 8Blocks Capital CEO Danny Yuan He made a similar claim, saying that 3AC had ghosted him.
14) Losing a bet is one thing, but at least it’s an honor and don’t drag others into your bet that has nothing to do with it. Indeed, potentially, they may have helped you, so don’t ghost everyone.
— Danny (@ Danny8BC) June 16, 2022
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