DCG is ‘in discussions’ with capital providers amidst Genesis mediation News ▸ US ▸ Bankruptcy
DCG is ‘in discussions’ with capital providers amidst Genesis mediation
The company expressed support for creditors who are in mediation with Genesis.
1 min read
Updated: May. 9, 2023 at 10:49 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Digital Currency Group (DCG) provided an update on the status of its subsidiary, Genesis Capital, in a statement on May 9.
DCG said that it remains “engaged with the various stakeholders” who are involved in a mediation process concerning Genesis’ restructuring process. The company said it aims to reach a “productive resolution” and “fair outcome for all.”
DCG additionally said that it is “in discussions” with capital providers to obtain growth capital and to refinance outstanding obligations with Genesis.
Several of Genesis’ creditors walked away from a past agreement around April 25, objecting to details of DCG’s contributions to Genesis’ restructuring plan. Genesis agreed to enter mediation with several of its creditors during the last week of April. DCG said today that all parties officially entered the mediation process on May 1.
Genesis first filed for bankruptcy on Jan. 19 and owed at least $3.5 billion to its creditors at that time. The bankruptcy only extends to its lending division.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
