2023-02-07
Digital Currency Group and its subsidiary Genesis have reached a tentative agreement on restructuring plans with the company's core creditors.
Ref. Cameron Winklevoss on Twitter
This case happened after Genesis filed Chapter 11 last month, after they had affected financial by the collapse of Three Arrows Capital, a crypto hedge fund, and FTX last year.
The documents also indicate the refinancing of outstanding loans that Digital Currency Group borrowed $500 million in cash and bitcoin worth about $100 million from Genesis. This agreement will be offered to other creditors include customer’s Gemini Earn.
Genesis Global Holdco owes more than $3.6 billion to more than 50 leading creditors.
On Jan. 23,
Genesis' attorneys told Judge Sean H. Lane of the U.S. Bankruptcy Court that
they expect to reach an agreement with creditors by the end of that week.
Credit Photo: Link
