- Currently, Alameda Research owes Voyager $377 million.
- Voyager issued a default notice recently because 3AC could no longer pay.
A borrower bailing out its lender for hundreds of millions of dollars is rare. According to a Chapter 11 bankruptcy petition by crypto broker Voyager Digital, Sam Bankman- Fried’s Alameda Research, the business that issued a $500 million line of credit to the firm last month owes the company $377 million. There had appeared to be a near certainty that Voyager would go bankrupt after revealing that hedge fund Three Arrows Capital owed it more than $600 million.
Borrower Bailing Out Lender
Currently, Alameda Research owes Voyager $377 million at an interest rate of 1 percent to 5 percent. An unsecured loan of $75 million appears on a list of Voyager’s highest unsecured claims on page 119 of the filing.
Alameda’s debt puts it in second place among Voyager’s creditors, behind only the bankrupt Three Arrows Capital, better known as 3AC. In May, 3AC’s lenders started to understand that their enormous 3AC debts were set to fail because of the $200 million it had lost in the Terra collapse.
Voyager issued a default notice recently because 3AC could no longer pay. It was the last straw when a British Virgin Islands court-ordered 3AC to liquidate on Wednesday last week. Since it’s unable to pay its creditors, notably Voyager Digital, 3AC must suspend all activities and hand over control of the sale of its assets as part of the liquidation process.
With 11.6 percent of all Voyager shares outstanding earlier this year, Alameda and its venture arm, Alameda Research, were the most significant Voyager stockholders as per the June 17 press release.
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