Three Arrows Capital (3AC) Creditors Meet On July 18 For The First Time

Creditors of the troubled crypto hedge fund Three Arrows Capital (3AC) are scheduled to meet on July 18, 2022, in line with a liquidation order by a court in the British Virgin Islands.

WuBlockchain confirmed that the meeting is indeed set to take place on Monday as liquidators pursue legal proceedings on behalf of creditors.

Financial advisory firm Teneo Restructuring is in charge of the meeting. The company emerged as the primary liquidator following the order from a BVI court. Also, Teneo has opened a dedicated website to the creditors and the public on relevant developments regarding the matter.

Jersey-based law outfit Ogier also joins Teneo during the meeting to advise on legal technicalities and help guide the liquidation process, per reports.

Teneo also hired a local law firm to petition the Singapore High Court in a bid to secure Three Arrows Capital assets and possibly issue a subpoena for the firm’s founders. 

Three Arrows Capital Bankruptcy And Voyager Loan

The crypto hedge fund founded by Su Zhu and Kyle Davies has faced uncertain times following the collapse of Terra’s coins and a general slump in the digital asset market. 3AC has filed for chapter 11 bankruptcy as EWN previously reported.

3AC also owed about $650 million in USDC and Bitcoin to Voyager Digital. Zhu’s firm did not meet the June 27 repayment deadline and was served with a notice of default shortly after. 

While Zhu claimed that the company was working to find a solution, the co-founder has supposedly remained largely unavailable. The specific whereabouts of Zhu and Davis are unknown at press time. 

However, Zhu tweeted recently to liquidators of “baiting”.