Bankrupt crypto lending platform Genesis has reached a settlement in principle with key creditors, including parent company Digital Currency Group (DCG) and cryptocurrency exchange Gemini.
Genesis, together with DCG, announced in a press release on Feb. customers And shareholders for most profitable with important creditors to establish a repayment plan. to agreement in principle announced its arrival. Platfrom also offers Gemini as part of the deal to Earn customers. 100 million up to dollars additional fund will provide.
According to the terms of the announced agreement, DCG will sell the existing contracts due in 2023. 1.1 billion dollar debt securities of Genesis chapter 11 bankruptcy to be issued by DCG as part of its application with preferred shares will change. DCG also sums up the existing 2023 term loans in total. 500 million with a secondary guarantee to be paid in two installments in USD. credit with refinance it will.
Genesis Restructuring Board Committee Member Paul Aaronsonthe agreement made is forward thrown towards reconciliation positive One my name stated that.
On the other hand, another creditor of the company, Donut Protocol, said that DCG’s payment plan more than 80% more will meet stated what they were thinking. However, DCG’s liquidation price of preferred shares and the bankruptcy process unknown costs. in this regard important was stated to be a factor.