In a blog article this week, Voyager said it is extending the deadline for bidding and restructuring operations. Bids were initially due today, with the sale hearing scheduled for September 8. The firm announced that the deadline had been extended to September 6 at noon EST, with the sale hearing set for September 29. Voyager stated, “Separately, since the establishment of a bid deadline for Voyager, existing and potentially new bidders have requested additional time to get information and submit their offers.” Different Forms Of Bids Bids can take many different shapes, from merely offering to buy the company’s assets to putting up a restructuring strategy or even providing assistance with the reorganization. The proposals may differ significantly in what they offer, from a monetary sum to the level of support in the restructuring, and once all the bids are in, Voyager counsel will analyze which ones give the most value to clients and creditors. The court-approved bidding procedures clearly state that “there must be no communication between and among acceptable bidders, unless the Debtors, after consultation with the Committee, have previously authorized such communication in writing.” This protects bidder confidentiality throughout the process. However, when FTX and its sister company, Alameda, made their offer public two weeks after Voyager filed for bankruptcy, it sparked controversy. The CEO Of FTX Praised The Offer Sam B...
