DCG is ‘in discussions’ with capital providers amidst Genesis mediation

The company expressed support for creditors who are in mediation with Genesis.

Mike Dalton
Author
Mike Dalton
1 min read
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
DCG is ‘in discussions’ with capital providers amidst Genesis mediation

Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.

Make preferred on Google logo

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.

Advertise with CryptoSlate

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.

CryptoSlate Daily Brief

Daily signals, zero noise.

Market-moving headlines and context delivered every morning in one tight read.

5-minute digest 100k+ readers

Free. No spam. Unsubscribe any time.

You’re subscribed. Welcome aboard.

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.

Mentioned in this article
Genesis Digital Currency Group
Posted in
Featured US Exchanges Bankruptcy Lending
Author View profile
Mike Dalton
Mike Dalton
Former Journalist CryptoSlate

Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.

Advertise with CryptoSlate
Context

Related coverage

Explore related reporting by asset, place, or topic.

AI Usage Disclosure

CryptoSlate may use AI tools to support research, editing, and production workflows. Published articles remain editorially reviewed by our team. Read our full AI usage disclaimer.

Disclaimer

Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. For more information, see our company disclaimers.

In this article