DCG has proposed a new creditor agreement for Genesis's bankruptcy, offering unsecured creditors a 70-90% recovery.
As for the new agreement, which is pending a vote from creditors to be implemented, it would renegotiate the terms of a $630 million loan between Genesis and DCG. Under the terms, part of the loan will be paid back in cash shortly after the deal's close and then the remainder would be structured into a two year note.
In total, DCG's Genesis owes approximately $1.1 billion to Gemini's Earn customers, which account for nearly 99% of all claimants, according to representatives of DCG. Those creditors, specifically, are in a slightly better position than the overall pool of creditors because of collateral that Genesis posted to Gemini as part of their business relationship.
DCG contends that Gemini is failing to"put its money where its mouth is," noting in the filing that the firm"is not contributing a single penny to provide Gemini Earn users a better recovery."The remainder balance could be met by assets held by Genesis, including cash, stablecoins, and payments made to the firm by DCG as part of longer termed notes.
"DCG is extremely proud of the deal it was able to achieve with the Debtors and the UCC, and believes the rightful owners of claims, including, importantly, Gemini Earn users, should have the opportunity to vote on the deal," DCG said. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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