DCG’s $630 Million Debt Under Scrutiny In Genesis Bankruptcy Mediation
Key Points:
- The mediation is focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users.
- The mediation process is expected to conclude before the May 9th-11th deadline, where DCG owes the Genesis bankruptcy estate $630 million.
Genesis, DCG, UCC, Creditor Committee, and Gemini agree to a 30-day mediation process for resolution. DCG’s economic contribution is under scrutiny.
This week, Genesis, Digital Currency Group, the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini have agreed to begin a 30-day mediation process to come to a final resolution soon as possible. An order from Bankruptcy Judge Lane directing the mediation is expected to be entered as early as Monday.
The mediation will focus on Digital Currency Group’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to resolve the Genesis bankruptcy plan. By way of background, a Term Sheet reflecting an agreement in principle was filed on February 10, 2023. Last week, the UCC presented revised terms to DCG for its contribution to the Genesis creditors based on the UCC’s continuing investigation.
The proposed mediation provides for two meetings before May 8th. This is an essential date because, on May 9th-11th, DCG owes the Genesis bankruptcy estate $630 million (money due for all creditors’ benefit). If DCG cannot pay and/or restructure its debt, DCG risks defaulting on its obligations. So while the mediation is scheduled for up to 30 days, the parties are expected to work expeditiously towards agreement in the immediate window.
Gemini supports the mediation and looks forward to starting it next week and working with the parties to conclude it. They have also expressed frustration with the pace of progress among the parties and the need for urgency. The next status conference with the Court will be on May 4th.
This mediation process is crucial for the future of Genesis and DCG, and the outcome will impact all the creditors involved. We will continue to monitor the situation and provide updates as they become available.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Author
News
DCG’s $630 Million Debt Under Scrutiny In Genesis Bankruptcy Mediation
Key Points:
- The mediation is focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users.
- The mediation process is expected to conclude before the May 9th-11th deadline, where DCG owes the Genesis bankruptcy estate $630 million.
Genesis, DCG, UCC, Creditor Committee, and Gemini agree to a 30-day mediation process for resolution. DCG’s economic contribution is under scrutiny.
This week, Genesis, Digital Currency Group, the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini have agreed to begin a 30-day mediation process to come to a final resolution soon as possible. An order from Bankruptcy Judge Lane directing the mediation is expected to be entered as early as Monday.
The mediation will focus on Digital Currency Group’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to resolve the Genesis bankruptcy plan. By way of background, a Term Sheet reflecting an agreement in principle was filed on February 10, 2023. Last week, the UCC presented revised terms to DCG for its contribution to the Genesis creditors based on the UCC’s continuing investigation.
The proposed mediation provides for two meetings before May 8th. This is an essential date because, on May 9th-11th, DCG owes the Genesis bankruptcy estate $630 million (money due for all creditors’ benefit). If DCG cannot pay and/or restructure its debt, DCG risks defaulting on its obligations. So while the mediation is scheduled for up to 30 days, the parties are expected to work expeditiously towards agreement in the immediate window.
Gemini supports the mediation and looks forward to starting it next week and working with the parties to conclude it. They have also expressed frustration with the pace of progress among the parties and the need for urgency. The next status conference with the Court will be on May 4th.
This mediation process is crucial for the future of Genesis and DCG, and the outcome will impact all the creditors involved. We will continue to monitor the situation and provide updates as they become available.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
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