Genesis creditors might get 80% of their funds back after the proposed restructuring plan, pending court approval.
A Genesis creditor has revealed the new proposed restructuring plan between Genesis, Digital Currency Group and creditors will see creditors getting back at least 80% of their funds.it reached an “agreement in principle” with Digital Currency Group and its creditors, which will eventually see its crypto trading and market-making arm sold as part of restructuring efforts.
DCG would contribute its share of equity in Genesis Global Trading — Genesis’ brokerage subsidiary business — to Genesis Global Holdco, the holding entity for Genesis.The terms of the agreement will see DCG exchanging andue in 2032 for convertible preferred stock. It will also refinance its existing 2023 term loans with an aggregate value of $526 million and make them payable to creditors.
The agreement will also see crypto exchange Gemini contribute $100 million for its Gemini Earn users who have funds frozen with the bankrupt firm. Pending the close of these transactions, which need the necessary court approval, Genesis will seek to put its then-owned Genesis Global Trading entity up for sale.**beyond that number depends on a convertible preferred equity note and “realized liquidation prices” based on DCG/Genesis assets.
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