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Crypto lender Voyager Digital said on Friday it has suspended withdrawals, trading and deposits to its platform and said it is exploring strategic alternatives to preserve the value of its platform, Reuters reported. The move comes days after the company issued a default notice to embattled hedge fund Three Arrows Capital (3AC) for the fund's failure to make required payments on a loan. In a statement, Voyager Chief Executive Stephen Ehrlich said the move gives the company "additional time to continue exploring strategic alternatives with various interested parties" while preserving the value of the platform. Voyager said in a release that it had hired Moelis & Company and the Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisors "to support is exploration of strategic alternatives." On June 22, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, gaining access to additional capital to meet its customers' liquidity needs as crypto prices take a hit. In a release, New Jersey-based Voyager said the value of the crypto assets it holds is $685 million, compared with the more than $1.12 billion in crypto assets it had loaned. Voyager said it had lent $350 million and 15,250 bitcoins to 3AC. A person familiar with the matter told Reuters on Wednesday that 3AC has entered liquidation.

Enjoy Technology Inc., a retail technology company started by former Apple Inc. retail strategist and chief executive of J.C. Penney Ron Johnson, filed for bankruptcy on Thursday, citing difficulties raising new capital in a difficult fundraising market for tech firms, WSJ Pro Bankruptcy reported. The filing came less than a year after the company went public through a merger with Marquee Raine Acquisition Corp., a special-purpose acquisition company. The transaction helped the company raise net proceeds of $112.6 million, according to court papers. Enjoy said that it has reached an agreement to sell most of its assets to device insurance company Asurion LLC, which has agreed to provide a $55 million loan to fund the company through bankruptcy. Enjoy said it would accept a higher offer and it expects that Asurion’s bid will be sufficient to pay all secured and unsecured creditors in full. Founded in 2014, Enjoy Technology sought to bring high-end retail service into customers’ homes in North America and Europe. The company has over 1,700 employees across the U.S., Canada and the U.K., some of whom hand-deliver iPhones and other tech gadgets on behalf of Apple, AT&T Inc. and others, and use those deliveries to try and sell more of those companies’ products. The company had initial backing from venture-capital firms including Kleiner Perkins and Andreessen Horowitz. This spring, Enjoy began to evaluate strategic alternatives after failing to raise fresh capital to keep the business afloat, court papers show. Since going public last year, the revenue it generated hasn’t been enough to turn a profit because of costs associated with business development and growth, court papers said. The company generated about $25 million in revenue, but reported around $50 million in operating losses in the first quarter of this year, company filings show.

Google’s Russian subsidiary plans to file for bankruptcy, Reuters reported. The U.S. tech firm said Wednesday (May 18) that Russian authorities had seized the unit's bank account. Alphabet’s Google has been under pressure in Russia for months as Moscow wanted it to delete content it viewed as illegal. It was also criticized in the country for restricting access to some Russian media on YouTube. The Kremlin has so far stopped short of blocking access to its platforms. Google said that by seizing its bank account authorities had made it impossible for its Russian office to function. It also published a notice of the unit's intention to file for bankruptcy. Google has stopped the majority of its commercial operations in Russia since February.

Pareteum Corporation and certain affiliates, a global cloud communications-platform-as-a-service company, yesterday filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, according to a company press release. The company intends to execute a strategic asset sale under section 363 of the Code while addressing legacy issues. Prior to the filing of the company's chapter 11 cases, the company's board of directors and management evaluated a wide range of strategic alternatives and implemented a strategic asset sale strategy. After a thorough marketing process to obtain a stalking-horse bidder for a court-supervised sale process and as a result of arm's length negotiations, Circles MVNE Pte. Ltd. has combined with Channel Ventures Group, LLC to execute a stalking horse asset purchase agreement for substantially all of the assets of the company. Circles has agreed to acquire the company's Mobile Virtual Network Enabler business and associated contracts, and CVG has agreed to acquire the Company's Mobile Virtual Network Operator, IDM, iPass, and Small and Medium Business Enterprise businesses and associated contracts. These agreements are subject to higher and better offers, among other conditions, as well as approval from the bankruptcy court.

Sungard Availability Services, an information-technology services provider, filed for chapter 11 protection for the second time in three years to grapple with falling demand for its business-recovery services and other lingering challenges exacerbated by the COVID-19 pandemic, WSJ Pro Bankruptcy reported. Privately held Sungard and its corporate affiliates filed for chapter 11 protection Monday in the U.S. Bankruptcy Court in Houston and sought similar court protection in Canada. The bankruptcy filing comes weeks after Sungard’s U.K. affiliate initiated administrative proceedings in part because of high energy costs caused by Russia’s invasion of Ukraine. Wayne, Pa.-based Sungard sped through bankruptcy in 2019, winning approval of a creditor-backed debt-cutting plan just 24 hours after filing chapter 11. Sungard said Monday that while the previous bankruptcy was effective in trimming about $800 million in debt, the process didn’t address its fundamental problems, such as expensive leases that have weighed on its business. Sungard Chief Executive Officer Michael Robinson said in a sworn declaration that demand for its workplace-recovery services dropped significantly since its business customers adopted policies to work from home during the pandemic. Companies have also delayed or reduced their IT costs, prompting some customers not to renew contracts, Mr. Robinson said.