Gemini Outrageously Opposes Genesis’ Chapter 11 Bankruptcy Plan

Raised by two specialized creditor factions, objections surrounding Genesis’ proposed resolution hinged on inadequate specifics and assurances for major debtors despite being labeled “an agreement in principle.” This prompted Gemini’s lawyers to question the implementation of pledges cited in a circular intended to delay mediations, hearings and deadlines while Digital Currency Group (DCG) worked on fresh debt modalities and remunerations. Per Genesis’ parent firm DCG, liabilities account for a staggering $630 million in debts without collateral and a $1.1 billion promissory, adding to worries since the crypto lender found itself immersed in a liquidity crisis resulting from the closure of FTX exchange. What DCG has retained as a preliminary agreement is an installment scheme amassing $275 million paid to AHL ,directly and whether that caters to 65-90% of the return in relation to porting digital asset denominations back to the creditor remains the focal point. Further facilitating this discussion is the offset by a new $328.8 million in loans with a 2-year maturity room as well as an extended $830 million with a 7-year shelf-life for repayment of finance.

Robert Wilson author
Articles: 5185