Voyager to Incur $1.1M in Legal Fees in April

Kirkland & Ellis to Receive $1.1 Million in Bankruptcy Fees from Voyager Digital

Voyager Digital, a bankrupt crypto brokerage, is required to pay Kirkland & Ellis, its legal adviser, $1.1 million for fees and expenses related to its bankruptcy proceedings in April.

Kirkland & Ellis law firm utilized a combined hourly billing rate of $1,313.18 for the delivery of various services during the month of April. The total amount charged for the legal services provided by attorneys and paralegals totaled more than $1.4 million.

Certain members of the law firm who hold high positions charge an hourly rate of more than $2,000 for their professional services.

Kirkland & Ellis has gained recognition for providing legal services to numerous cryptocurrency companies that are undergoing bankruptcy proceedings, such as BlockFi and Celsius.

The United States Bankruptcy Court for the Southern District of New York Accepts Voyager’s Third Bankruptcy Proposal

The United States Bankruptcy Court for the Southern District of New York accepted Voyager’s third bankruptcy proposal on May 17, 2023, after Binance.US pulled out of their plan to purchase $1 billion worth of Voyager assets on April 25.

In July 2022, Voyager, formerly a publicly traded company in Canada under the leadership of Steve Ehrlich, sought Chapter 11 bankruptcy protection as a result of the crypto credit crisis, which had caused major repercussions for numerous lenders and brokers in the sector.

At the time of filing for bankruptcy, Voyager revealed liabilities that amounted to between one and ten billion dollars, showing the magnitude of their financial obligations and the factors that caused them to seek bankruptcy protection.

Voyager’s App Expected to be Available Again for Customers to Make Withdrawals Starting June 20

Voyager’s app is expected to be available again for customers to make withdrawals starting June 20.

FTX Accumulates Over $120 Million in Financial and Legal Consulting Fees During Bankruptcy Proceedings

Voyager is not the only one incurring high costs as it goes through bankruptcy proceedings. FTX, another business embroiled in bankruptcy proceedings, has amassed over $120 million in financial and legal consulting fees from February 1st to April 30th.

Cointelegraph attempted to contact Voyager and Kirkland & Ellis for additional information, but had not received a reply by the time of publication.

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