DCG and Genesis Reach Initial Deal With Key Creditors By CoinEdition
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DCG and Genesis Reach Initial Deal With Key Creditors- The Digital Currency Group (DCG) and Genesis have reached an Agreement in principle with their key creditors.
- The agreement involves equitizing DCG’s infamous $1.2 billion promissory note to Genesis.
- Genesis’ bankrupt units will be sold off as part of the deal.
The Digital Currency Group (DCG) and Genesis announced recently that they had secured an in-principle agreement with the subsidiary’s key creditors, regarding the terms of a restructuring plan. The group of creditors holds or represents more than $2 billion in asserted claims against Genesis Global Capital, the largest being crypto exchange Gemini’s $800 million exposure.
As per Genesis’ press release, the agreement outlines the framework for a global resolution that will maximize value for all Genesis clients and stakeholders. The deal will involve refinancing DCG’s existing 2023 term loans from Genesis with an aggregate value of $526 million. This will subsequently be made available for payment to the creditors.
Furthermore, the parent firm will equitize the infamous $1.2 billion promissory note that was issued to Genesis to cover the latter’s billion-dollar exposure to Three Arrows Ca…
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DCG and Genesis Reach Initial Deal With Key Creditors- The Digital Currency Group (DCG) and Genesis have reached an Agreement in principle with their key creditors.
- The agreement involves equitizing DCG’s infamous $1.2 billion promissory note to Genesis.
- Genesis’ bankrupt units will be sold off as part of the deal.
The Digital Currency Group (DCG) and Genesis announced recently that they had secured an in-principle agreement with the subsidiary’s key creditors, regarding the terms of a restructuring plan. The group of creditors holds or represents more than $2 billion in asserted claims against Genesis Global Capital, the largest being crypto exchange Gemini’s $800 million exposure.
As per Genesis’ press release, the agreement outlines the framework for a global resolution that will maximize value for all Genesis clients and stakeholders. The deal will involve refinancing DCG’s existing 2023 term loans from Genesis with an aggregate value of $526 million. This will subsequently be made available for payment to the creditors.
Furthermore, the parent firm will equitize the infamous $1.2 billion promissory note that was issued to Genesis to cover the latter’s billion-dollar exposure to Three Arrows Ca…
The post DCG and Genesis Reach Initial Deal With Key Creditors appeared first on Coin Edition.
See original on CoinEdition
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