DCG has sought a mediator for the bankruptcy proceeding after the creditors challenged Genesis' restructuring plan.
Genesis Creditors Allegedly ‘Walk Away’ From Previously Agreed Bankruptcy Restructuring PlanDCG has sought a mediator for the bankruptcy proceeding after the creditors challenged Genesis’ restructuring plan.
Digital Currency Group alleged that a group of Genesis Capital creditors has “reneged and raised” new demands more than two months after agreeing to a comprehensive settlement. The bankruptcy case seemed to be on its way to being resolved, but the latest rejection is expected to prolong the court process, according to the Barry Silbert-led crypto conglomerate.Genesis is among a slew of crypto companies that were hit by last year’s turmoil in the market, along with rivals such as Celsius Network and Vault. The subsequent bankruptcy filing by Sam Bankman-Fried’s FTX was the final straw for Genesis, which was soon destabilized by a series of redemption requests.
It owes $2.4 billion to its main creditors out of nearly $3.4 billion in liabilities, the firm mentioned in its bankruptcy filing. Its main creditors and parent company agreed to an initial restructuring plan.“More than two months after all parties agreed to a comprehensive settlement that was submitted by Genesis Capital to the bankruptcy court, a group of Genesis Capital’s creditors has reneged and raised all new demands.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Some Genesis Creditors File for Mediator Assistance Over Amount of DCG Contribution to ReorganizationSome creditors of bankrupt crypto lender Genesis Global have asked the court to appoint a mediator. Genesis owner DCGco says the move will prolong the bankruptcy proceedings. By parikshitm899 reports.
Weiterlesen »
Genesis Files for Mediator Assistance Over Amount of DCG Contribution to ReorganizationCORRECTION: Bankrupt crypto lender Genesis Global has asked the court to appoint a mediator. Genesis owner DCGco says some creditors backed out of an agreement reached earlier this year. By parikshitm899 reports.
Weiterlesen »
Genesis creditors reject previously agreed bankruptcy restructuring planA group of Genesis creditors have rejected the deal agreed in February, parent company Digital Currency Group said.
Weiterlesen »
Algorand Foundation Among Creditors That Oppose Restructuring of Trouble Crypto Exchange HodlnautThe Algorand Foundation is among several creditors of troubled crypto exchange Hodlnaut that oppose a restructuring, according to a recent court filing. Reporting by oknightcrypto.
Weiterlesen »
Majority of creditors want Hodlnaut liquidatedAccording to letter from judicial managers, creditors of troubled Singapore cryptocurrency lender Hodlnaut have overwhelmingly favored liquidating the company.
Weiterlesen »
Hodlnaut Creditors Want Liquidation, Spurning Management’s Restructuring SolutionAccording to case documents, a majority of users prefer immediate liquidation, with a few votes in favor of restructuring.
Weiterlesen »