DCG, Genesis Reach Consensus with Creditors on Restructuring Plan: Report
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Troubled crypto brokerage firm Genesis and its parent company Digital Currency Group (DCG) have reached an agreement on terms of a restructuring plan with a group of key creditors with claims of around $2.4 billion, CoinDesk (owned by DCG) has learned, citing sources close to the talks.

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Under the agreement, Genesis will wind down its loan book and terminate the sale of its bankrupt entities. The deal also includes refinancing the outstanding loans worth $500 million in cash and about $100 million worth of bitcoin (EXANTE: Bitcoin) from Genesis. Before being finalized, the restructuring plan will be offered to other minor creditors, including customers of Gemini Earn, the report says.

Genesis Owes Creditors Over $3B: Report

Genesis Global Capital filed for Chapter 11 bankruptcy in mid-January this year. According to court filings, the company has more than 100,000 creditors with assets and liabilities ranging from $1 billion and $10 billion.

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