Genesis seeks 100-day extension for recovery plan as DCG misses $630M payment
Crypto lender Genesis, which filed for bankruptcy, has requested a 100-day extension to its exclusivity period for its reorganization plan. The lender cited the need to achieve a value-maximizing restructuring without the interruption of a competing plan, given the size and complexity of its case. Genesis also highlighted the evolving regulatory regime in the digital assets industry as a factor to be considered. Meanwhile, crypto exchange Gemini said that Digital Currency Group (DCG), the bankrupt lender's parent company, missed a $630 million payment due to its subsidiary last week.
DCG Misses $630M Payment to Gemini, Faces Lawsuit Threat and Bankruptcy Dispute
Digital Currency Group (DCG) has failed to make a $630 million payment to Gemini, leading to threats of legal action from Gemini CEO Cameron Winklevoss. The dispute centers around a $900 million loan that Genesis, a DCG entity, filed for Chapter 11 bankruptcy over. Both Genesis and CoinDesk are owned by DCG, and the U.S. SEC has accused both firms of selling unregistered securities through their Earn program. Gemini is seeking the return of over $1.1 billion in digital assets from Genesis for its over 200,000 Earn users and is proposing an amended reorganization plan that doesn't require DCG's approval.
Digital Currency Group Provides Update on Genesis Capital's Restructuring Process
Digital Currency Group (DCG) has provided an update on its subsidiary, Genesis Capital, stating that it is currently engaged in a mediation process with various stakeholders regarding the restructuring process. DCG aims to reach a fair resolution for all parties involved and is in discussions with capital providers to obtain growth capital and refinance outstanding obligations with Genesis. Several of Genesis' creditors objected to DCG's contributions to the restructuring plan, leading to mediation. Genesis filed for bankruptcy in January and owed at least $3.5 billion to its creditors at that time, but the bankruptcy only extends to its lending division.
Crypto conglomerate DCG seeks to refinance outstanding obligations and raise growth capital for bankrupt lending division Genesis.
Digital Currency Group (DCG) has announced its plans to refinance its outstanding obligations with Genesis, its bankrupt lending division, and raise growth capital. These obligations can be in the form of loans, receivables, or any payments due between the two entities. DCG aims to provide "further financial flexibility" as it engages with stakeholders in Genesis Capital's bankruptcy proceedings. Parties involved in the bankruptcy proceedings have agreed to a 30-day mediation period to work out the terms and conditions of DCG's contribution to the reorganization plan.
DCG’s Barry Silbert Sells $755K Worth of Grayscale Ethereum Classic Trust Shares
Barry Silbert, the founder and CEO of Digital Currency Group (DCG), has moved to liquidate nearly 120,000 Grayscale Ethereum Classic Trust(ETCG) shares, worth an aggregate market value of approximately $755,295 dollars.
Digital Currency Group Revenue Up From Fourth Quarter, Lags Year Earlier as CFO Steps Down
Digital Currency Group rode the cryptocurrency rally over the first quarter to post revenue that topped the previous quarter, but still lagged the year-ago period.
Gemini and DCG Agree on Mediation Process to Create “Final Resolution” for Creditors
Gemini Earn – the Winklevoss-owned crypto exchange’s digital asset lending arm – announced on Sunday that it had agreed with Barry Silbert’s Digital Currency Group (DCG) on a mediation process to bring their bankruptcy dispute to a close.
Gemini, Genesis, and DCG Enter Mediation Process To Resolve Outstanding Issues Related to Genesis Bankruptcy Plan
Gemini, Genesis, and Digital Currency Group (DCG) will initiate a 30-day mediation process to resolve outstanding issues related to the Genesis bankruptcy plan. The mediation will focus on DCG's economic contribution to the bankruptcy estate for the benefit of all creditors, including Gemini Earn users. An order from Bankruptcy Judge Lane to direct the mediation is anticipated to be issued soon.
Genesis Bankruptcy Parties Agree to a 30-Day Mediation Period
Genesis Global, a bankrupt crypto lender, has agreed with its creditors and other parties to a 30-day mediation period, pending the appointment of a mediator. The mediation will assist in the terms and conditions of a contribution from Digital Currency Group (DCG), Genesis' owner and the parent company of CoinDesk, to the debtors' reorganization plan.
Genesis Creditors Allegedly ‘Walk Away’ From Previously Agreed Bankruptcy Restructuring Plan
Digital Currency Group (DCG) alleged that a group of Genesis Capital creditors has “reneged and raised” new demands more than two months after agreeing to a comprehensive settlement.
