Genesis’ Tuesday bankruptcy filing showed that its parent company Digital Currency Group has reached an in-principal deal with its creditors.
for Chapter 11 bankruptcy protection in January, said in the filing that it currently holds liabilities including the payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032.
In an in-principle deal, DCG plans to take up new debt facilities and a repayment agreement. These will include a $328.8 million first-lien facility with a 2-year maturity and a $830 million second-lien facility with a 7-year maturity.The plan, if consummated, could result in estimated recoveries of about 70% to 90% for unsecured creditors in U.S. dollar equivalent and a 65% to 90% recovery on an in-kind basis depending on the denomination of the digital asset, the filing said.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What Happened To Jon & Rachel Walters After 90 Day Fiancé: Before The 90 Days Season 2?Are 90 Day Fiancé's Jon and Rachel still together?
Read more »
90 Day Fiancé: Before The 90 Days - The Real Reason David Fell In Love With Sheila90 Day Fiancé’s David keeps falling for Sheila.
Read more »
DCG Reaches in Principle Deal With Genesis Creditors, Estimates Recoveries of 70%-90%The plan could result in the recoveries of 70% to 90% in USD equivalent for unsecured creditors and 65% to 90% recovery on an in-kind basis.
Read more »
90 Day Fiancé’s Riley Allegedly Threatens To “Expose” All Of Violet’s “Lies”90 Day Fiancé’s Riley calls Violet a liar.
Read more »
10 Best 90's Anime MascotsThe best 90s anime mascots of all.
Read more »