- Three Arrows Capital owes $3.5 billion to its creditors.
- The figures were revealed in a 1,157-page court filing document that was released.
- The document also speaks about the alleged $50m yacht purchase.
A recent court filing document revealed the exact figures of the funds owed by 3AC. The document, which was released recently, detailed information such as 3AC’s debt, the debtors and the amount owed, and even a report of the co-founders making a down payment for a $50 million yacht.
Teneo, the firm appointed to oversee 3AC’s liquidation, shared the 1,157-page legal document online. In the court filing document, the details of the funds – including the exact figures that 3AC owed to its creditors – have been cited.
Even though most of the debt is secured loans, 3AC’s total debt stands at a whopping $3.5 billion. The document highlights the names of the institutional debtors and the amount owed by 3AC to each one of them.
Among the fleet, the largest creditor, with a debt of $2.36 billion, is Genesis Lending. The asset lender has earned the reputation of being an aggressive lender, but the loans were fortunately secured. The loan has been collateralized with 17,443,644 shares of GBTC, 446,928 shares of Grayscale Ethereum Trust, 2,739,043.83 AVAX tokens, and 13,583,265 NEAR tokens. Despite that, there is still a shortfall of $462 million.
The second on the list is Voyager Digital. Unfortunately, Voyager’s loan is uncollateralized as it vested its trust in 3AC to pay back its loans. The third-ranked creditor is Deribit, which has lent out a loan amount of $190 million.
The court filing document helped the public to get a clear understanding of the financial stance of 3AC, as it filed for bankruptcy on July 1.
Interestingly, the document also reports that the co-founders had paid the down payment for a $50 million yacht that had been allegedly paid with the borrowed funds.