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 <p>Earlier this year in January 2023, Genesis filed for Chapter 11 bankruptcy after facing a major liquidity crisis following the collapse of crypto exchange FTX. The recent filing from Genesis parent <a rel="dofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> notes that the bankrupt crypto lender holds liabilities of $630 million in unsecured loans due in May 2023. Additionally, it also has a $1.1 billion unsecured promissory note due in 2032.</p>  
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 <p>As per the in-principle deal, the <a rel="dofollow" title="Digital Currency Group" href="https://thebittimes.com/tag/digital-currency-group.html">Digital Currency Group</a> (<a rel="dofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>) is looking to undertake new debt facilities along with a repayment agreement. This will include a $328.8 million first-lien facility along with 2-year maturity. Additionally, it will also include a $830 million second-lien facility with a 7-year maturity.</p> 
 <p>The filing notes that <a rel="dofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> is planning to pay a total of $275 million to its creditors in four installment payments. If executed, the proposed plan could lead to anticipated returns of approximately 70% to 90% for unsecured creditors in terms of U.S. dollars, and a recovery range of 65% to 90% in-kind based on the denomination of the digital asset, as stated in the filing.</p> 
 <h3 id="will-gemini-benefit-from-genesis-settlement">Will Gemini Benefit From Genesis Settlement?</h3>  
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 <p>Following the bankruptcy of Genesis, crypto exchange Gemini has suffered the most as Genesis was the custodian of Gemini’s Earn Product. As per Gemini, Genesis owes them close to $1 billion as part of its customers’ funds.</p>  
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 <p>On refusal to give back the funds, crypto exchange Gemini also filed a lawsuit against Genesis-parent <a rel="dofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a>. However, <a rel="dofollow" title="DCG" href="https://thebittimes.com/tag/dcg.html">DCG</a> has filed a motion to dismiss the lawsuit stating that the lawsuit is “a continuation of the Winklevoss’s year-long Twitter-based character assassination.”</p> 
 <p>It’s not clear whether the current settlement plan will involve some partial refunds to Gemini. Genesis has outstanding debts of approximately $3.6 billion to its top 50 creditors. This also includes obligations to entities like Gemini, the cryptocurrency exchange established by the Winklevoss twins.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/genesis-parent-dcg-agrees-to-settle-creditors-claims-tbt60752.html">https://thebittimes.com/genesis-parent-dcg-agrees-to-settle-creditors-claims-tbt60752.html</a></p>

Genesis-Parent DCG Agrees to Settle Creditors' Claims

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