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Genesis and Gemini Reach Agreement in Principle

Genesis appears to have found a solution to its current solvency issues.

The bankrupt crypto lending company announced that it had reached, along with parent company Digital Currency Group, an agreement in principle with its creditors, which include crypto exchange Gemini. 

According to the press release, the agreement entails Digital Currency Group exchanging an existing $1.1 billion note due in 2023 for convertible preferred stock to be issued as part of Genesis’ bankruptcy plan. Digital Currency Group will also refinance its current 2023 term loans through new term loans issued in two tranches (one denominated in dollars, the other in Bitcoin) for an aggregative total value of about $500 million. 

Additionally, Digital Currency Group is required to contribute its equity interest in Genesis Global Trading (Genesis’ trading arm) into Genesis Global Holdco (the crypto lending business which filed for bankruptcy on January 19), effectively bringing all Genesis entities under the same holding company.

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