Genesis Global has reached an agreement with its parent company, the Digital Currency Group, on a plan to pay back $630 million in unsecured loans for
potential claims. The agreement is beneficial to the bankrupt lender’s creditors as it could result in a 70% to 90% recovery of USD claims.
The court filing in the US bankruptcy court in the Southern District of New York shows details of the agreement between the two entities.According to a Reuters report and court filings from Tuesday, the bankrupt crypto lenderhas reached an agreement with Digital Currency Group to pay back its creditors. As of May, the lender was expected to pay back $630 million in unsecured loans. However, bankruptcy court proceedings have slowed down the timeline of paying back users.
The latest filing has the agreement and the plan that could lead to a recovery of between 70% and 90% of US Dollar equivalent for unsecured creditors and between 65% and 90% of digital asset or in-kind recovery. The lender’s creditors have waited months for a resolution of the claims, and recent development brings them one step closer to making them whole. lender Genesis owes over $3.5 billion to top 50 creditors and parent DCG has two types of existing liabilities: $1.
The filing contains a new partial repayment agreement that sets the payback process in two tranches. Approximately $328.8 million will be paid within the next two years, while $830 million in the next seven years. Genesis’ parent company will also pay back $275 million in four installments for the May 2023 maturity loans, according to the court’s filing.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
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