DCG has sought a mediator for the bankruptcy proceeding after the creditors challenged Genesis' restructuring plan.
Genesis Creditors Allegedly ‘Walk Away’ From Previously Agreed Bankruptcy Restructuring PlanDCG has sought a mediator for the bankruptcy proceeding after the creditors challenged Genesis’ restructuring plan.
Digital Currency Group alleged that a group of Genesis Capital creditors has “reneged and raised” new demands more than two months after agreeing to a comprehensive settlement. The bankruptcy case seemed to be on its way to being resolved, but the latest rejection is expected to prolong the court process, according to the Barry Silbert-led crypto conglomerate.Genesis is among a slew of crypto companies that were hit by last year’s turmoil in the market, along with rivals such as Celsius Network and Vault. The subsequent bankruptcy filing by Sam Bankman-Fried’s FTX was the final straw for Genesis, which was soon destabilized by a series of redemption requests.
It owes $2.4 billion to its main creditors out of nearly $3.4 billion in liabilities, the firm mentioned in its bankruptcy filing. Its main creditors and parent company agreed to an initial restructuring plan.“More than two months after all parties agreed to a comprehensive settlement that was submitted by Genesis Capital to the bankruptcy court, a group of Genesis Capital’s creditors has reneged and raised all new demands.
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Some Genesis Creditors File for Mediator Assistance Over Amount of DCG Contribution to ReorganizationSome creditors of bankrupt crypto lender Genesis Global have asked the court to appoint a mediator. Genesis owner DCGco says the move will prolong the bankruptcy proceedings. By parikshitm899 reports.
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Genesis Files for Mediator Assistance Over Amount of DCG Contribution to ReorganizationCORRECTION: Bankrupt crypto lender Genesis Global has asked the court to appoint a mediator. Genesis owner DCGco says some creditors backed out of an agreement reached earlier this year. By parikshitm899 reports.
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Genesis creditors reject previously agreed bankruptcy restructuring planA group of Genesis creditors have rejected the deal agreed in February, parent company Digital Currency Group said.
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Majority of creditors want Hodlnaut liquidatedAccording to letter from judicial managers, creditors of troubled Singapore cryptocurrency lender Hodlnaut have overwhelmingly favored liquidating the company.
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Hodlnaut Creditors Want Liquidation, Spurning Management’s Restructuring SolutionAccording to case documents, a majority of users prefer immediate liquidation, with a few votes in favor of restructuring.
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