<div class="cryptonews"> 
 <p class="is-style-lead">DCG and its subsidiary, Genesis, <a rel="dofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a>ed a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market.</p> 
 <p>In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have <a rel="dofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a>ed a legal agreement with far-<a rel="dofollow" title="reach" href="https://thebittimes.com/tag/reach.html">reach</a>ing implications for the cryptocurrency market.</p> 
 <p>The deal addresses the <a rel="dofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> issues facing Genesis, a crypto lending firm that filed for <a rel="dofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> earlier this year amid market instability worsened by the collapse of FTX in November 2022.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> FTX and Genesis reach settlement in bankruptcy case 
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 <p>Genesis has proposed a revised recovery plan to reimburse creditors up to 90% of their initial investments. Specifically, the plan outlines a recovery range for unsecured creditors between 70% and 90%, and a potential for in-kind recovery between 65% and 90%, depending on the current value of digital assets.</p> 
 <p>The agreement also offers solutions to DCG’s pressing financial obligations. It outlines a repayment strategy for its $1.1 billion unsecured promissory note due in 2032 and nearly $630 million in unsecured loans maturing in May 2023.</p> 
 <p>The repayment involves two tranches totaling $830 million, with $328.8 million to be paid off over seven years. DCG also plans to fulfill the May 2023 obligations with four payments amounting to $275 million.</p> 
 <p>This <a rel="dofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> is crucial for DCG and Genesis as it aims to resolve their financial troubles and stabilize the volatile crypto market.</p> 
 <p>The case could set new benchmarks for managing and recovering digital assets in an industry marked by sensitivity to market changes. The <a rel="dofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> revealed that Genesis owed around $3.5 billion to its top 50 creditors, including prominent entities like Mirana, MoonAlpha Finance, VanEck’s New Finance Income Fund, Gemini, and Cumberland.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> New York’s Attorney General investigating DCG’s subsidiary 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/dcg-and-genesis-reach-landmark-settlement-over-bankruptcy-tbt60836.html">https://thebittimes.com/dcg-and-genesis-reach-landmark-settlement-over-bankruptcy-tbt60836.html</a></p>

DCG and Genesis reach landmark settlement over bankruptcy

TheBitTimes

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