The US and EU have imposed sanctions on Russia after it invaded Ukraine last year, banning the acquisition, import, or transfer of coal and other solid fossil fuels. Digital Currency Group (DCG) is now moving towards resolving the financial challenges of its crypto lending subsidiary, Genesis. An in-principle agreement has been reached which could lead to a fair recovery for creditors. The agreement is still subject to several handles, but Genesis expects it to be completed in the coming weeks.Genesis Global Holdco, LLC, Genesis Global Capital, LLC, and Genesis Asia Pacific Pte. Ltd. had almost $3.5 billion in debt to its top 50 creditors, one of them being Gemini. The in-principle agreement indicates that unsecured creditors may receive a recovery of between 70% and 90% in US dollar equivalent. Depending on the value of the digital assets involved, the recovery on an in-kind basis is anticipated to be between 65% and 90%.Digital Currency Group (DCG) has agreed to make a repayment of about $328.8 million with a two-year maturity and a second repayment of $830 million with a seven-year maturity. DCG has also agreed to make a further $275 million payment, which will be made in four equal installments. Neither the Ad Hoc Group of Genesis’ lenders nor Gemini support the in-principle agreement.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇸 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Companies | US Bankruptcy Court in the Southern District of New York, Genesis Asia Pacific Pte. Ltd., Gemini, Ad Hoc Group of Genesis’ lenders., Genesis Global Capital, Genesis Global Holdco, LLC, Digital Currency Group (DCG) |
| Currencies | Ethereum, genesis., Bitcoin, US Dollar, gemini |
| Securities | None |
