Alameda to Repay $200M Loan to Voyager as Asset Auction Nears

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  • After suc­cess­ful repay­ment, Voy­ager will return Alameda’s col­lat­er­al worth some $160 million
  • The bank­rupt lender is set to announce sale of its assets to the high­est bid­der on Sept. 29

Quant trad­ing firm Alame­da Research is set to repay Voy­ager Dig­i­tal loans worth almost $200 mil­lion, as the cryp­to lender makes its way through bank­rupt­cy proceedings.

A court fil­ing from Mon­day shows Alame­da, found­ed by FTX CEO Sam Bankman-Fried, will pay back 6,553.42 BTC ($125.4 mil­lion) and 51,204.38 ETH ($69.1 mil­lion) in prin­ci­pal and loan fees, on top of small­er sums in oth­er tokens includ­ing doge­coin, USDC, luna clas­sic, and Voyager’s native asset VGX.

The pay­ments are due on Sept. 30 at 5 pm ET. Voy­ager will return the col­lat­er­al for loans that Alame­da had pledged in the amount of 4,650,000 FTX tokens ($110.1 mil­lion) and 63,750,000 serum tokens ($49.1 mil­lion) if the pay­ments are on time.

If Alame­da is unable to meet its dead­line, the bit­coin instal­ments will increase by 1.07 BTC ($20,500) per day, while the ether seg­ments will increase by 9.59 ETH ($13,000) per day, the fil­ing said.

Short­ly before Alameda’s fil­ing on Mon­day, Voy­ager Dig­i­tal asked a fed­er­al bank­rupt­cy court for an order to unwind the trad­ing firm’s out­stand­ing loans and return the collateral. 

When Voy­ager filed for Chap­ter 11 bank­rupt­cy in ear­ly July, Alame­da owed the lender $377 mil­lion in loans, which were denom­i­nat­ed in raw tokens rather than US dol­lars. The val­ue of Alameda’s loans have almost halved since then.

Two days lat­er, Alame­da tweet­ed that it was “hap­py to return the Voy­ager loan and get our col­lat­er­al back when­ev­er works for Voy­ager.” It had also lent Voy­ager $500 mil­lion to mit­i­gate the tough mar­ket environment. 

The des­ig­nat­ed wal­let address­es for the pay­off amounts and the return of col­lat­er­al were redact­ed in Alameda’s fil­ing. Mak­ing Voyager’s wal­let address­es pub­lic would affect its restruc­tur­ing efforts by allow­ing open access to com­mer­cial­ly sen­si­tive finan­cial infor­ma­tion, the lender said.

Voy­ager is now in the process of liq­ui­dat­ing its remain­ing assets. After receiv­ing mul­ti­ple bids, the final results will be announced in court on Sept. 29 at 2 pm ET. Accord­ing to Coin­Desk, FTX is in the lead to snap up its dis­tressed assets.


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  • Shali­ni Nagarajan

    Block­works

    Reporter

    Shali­ni is a cryp­to reporter from Ban­ga­lore, India who cov­ers devel­op­ments in the mar­ket, reg­u­la­tion, mar­ket struc­ture, and advice from insti­tu­tion­al experts. Pri­or to Block­works, she worked as a mar­kets reporter at Insid­er and a cor­re­spon­dent at Reuters News. She holds some bit­coin and ether. Reach her at [email pro­tect­ed]



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