The Digital Currency Group and Genesis have reached an initial deal with a group of the firm’s main creditors. The agreement involves selling Genesis’ bankrupt entities and refinancing outstanding loans. Barry Silbert’s crypto conglomerate has started sorting out its financial affairs. The Digital Currency Group (DCG) and its leading subsidiary Genesis reached an agreement in […]
The Digital Currency Group and Genesis have reached an initial deal with a group of the firm’s main creditors.Barry Silbert’s crypto conglomerate has started sorting out its financial affairs. The Digital Currency Group and its leading subsidiary
As per the agreement, DCG will exchange its $1.1 billion promissory note to Genesis for convertible preferred stock, which will be issued by the parent firm as part of the subsidiary’s bankruptcy plan. The deal also involves the sale of Genesis’ lending arm and its crypto trading unit.
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