2 years ago
Digital Currency Group (DCG) provided an update connected the presumption of its subsidiary, Genesis Capital, successful a connection connected May 9.
DCG said that it remains “engaged with the assorted stakeholders” who are progressive successful a mediation process concerning Genesis’ restructuring process. The institution said it aims to scope a “productive resolution” and “fair result for all.”
DCG additionally said that it is “in discussions” with superior providers to get maturation superior and to refinance outstanding obligations with Genesis.
Several of Genesis’ creditors walked distant from a past statement astir April 25, objecting to details of DCG’s contributions to Genesis’ restructuring plan. Genesis agreed to enter mediation with respective of its creditors during the past week of April. DCG said contiguous that each parties officially entered the mediation process connected May 1.
Genesis archetypal filed for bankruptcy connected Jan. 19 and owed astatine slightest $3.5 cardinal to its creditors astatine that time. The bankruptcy lone extends to its lending division.
The station DCG is ‘in discussions’ with superior providers amidst Genesis mediation appeared archetypal connected CryptoSlate.
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