The latest update for the financial complications faced by Genesis Global, a notable name in the crypto lending space, and its parent company, Digital Currency Group (DCG), shows that both entities seem to have navigated their way out of the murky waters, striking an agreement with their creditors.
The Path To Recovery For Creditors
As revealed through recent court filings, the agreement marks a turning point that could ensure stakeholders have a fair shot at recovering their investments. Genesis Global and Digital Currency Group’s recent announcement signals hope for numerous creditors.
According to the documents filed in the U.S. bankruptcy court in the Southern District Of New York, unsecured creditors stand to recover a substantial portion of their claims.
The projected recovery rate oscillates between 70% to 90% for those holding claims in US dollars. Moreover, a recovery ranging from 65% to 90% is anticipated for those whose claims are rooted in specific digital assets.
Delving into the monetary specifics, the agreement encompasses the settlement of approximately $630 million in unsecured loans, with a due date set for May 2023. Furthermore, a roughly $1.1 billion unsecured promissory note, which is expected in 2032, is also covered under this deal.
DCG’s Position And Broader Implications
DCG’s response to the entire episode is relief and forward-looking optimism. In a statement issued to Reuters, DCG expressed its satisfaction, stating:
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Author: Samuel EdymeDid you like this?
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