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Digital Currency Group Clears $1 Billion Debt, Including Genesis Payoff

  1. Home
  2. Bobs-News Categories Company News
  3. Digital Currency Group Clears $1 Billion Debt, Including Genesis Payoff
  • bob
  • 2024-01-07
  • Company News
  • Cryptocurrency Regulations
  • Investment Insights
  • World

The Digital Currency Group (DCG) has successfully paid off all short-term loans from its bankrupt subsidiary Genesis, as officially announced on January 6th. Over the past year, DCG has cleared more than $1 billion of debt to various creditors, with nearly $700 million directed towards Genesis, thereby fulfilling all its current obligations.

Barry Silbert, the founder and CEO of DCG, confirmed the development, stating, “I’m happy to share that @DCGco completed a full pay down of the money borrowed from Genesis. We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry. I’m excited about the industry’s next chapter and DCG’s leadership role in it.”

Genesis, after ceasing withdrawals in November 2022, officially filed for bankruptcy in January 2023. In September of the same year, Genesis initiated legal action against its parent company to recover an overdue loan amount exceeding $610 million, which was set to mature in May 2023. Court documents revealed that DCG had a total debt exceeding $1.7 billion owed to the lender and other creditors.

In a complaint filed in the same month, Genesis also aimed to reclaim 4,550 BTC, valued at approximately $199 million. However, in November, Genesis and DCG struck a repayment deal, wherein the parent company committed to paying $200 million. The outstanding loan amount must be settled with Genesis by April 2024, according to the terms outlined in the plan approved by the federal bankruptcy court.

DCG is set to maintain its current ownership structure until the conclusion of Genesis’ bankruptcy proceedings. The venture capital firm’s ownership stake in Genesis is required to remain above 80% until the lender’s Chapter 11 plan receives approval or undergoes conversion into a Chapter 7 proceeding. This decision enables Genesis to maintain its safeguard within DCG’s tax consolidated group, preserving the potential value of federal net operating loss carryforwards (NOLs). This tax advantage allows Genesis to offset losses against future profits, potentially preserving benefits on $700 million in NOLs.



This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Global
Countries
Sentiment positive
Relevance Score 1
People Barry Silbert
Companies Genesis, Digital Currency Group
Currencies Bitcoin
Securities None

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