DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG.
Digital Currency Group (DCG) has proposed a new agreement plan for the creditors of the now-bankrupt Genesis Global that would also see Gemini Earn users recover nearly all of their claims.
In a new filing on Sept. 13, DCG outlined a plan that estimates “unsecured creditors a 70–90% recovery with a meaningful portion of the recovery in digital currencies.”
Additionally, the remuneration plan says the recovery of claims for Gemini Earn users would be projected at “approximately 95–110%” without any contribution from Gemini.
The firm states in the filing that:
“If Gemini were to agree to provide $100 million to Gemini Earn users under the Proposed Agreement, as it previously did, there would be little doubt Gemini Earn users would receive more than full recovery.”
This is a developing story, and further information will be added as it becomes available.
