Genesis Lenders Reject Company’s Restructuring Plan
A group of Genesis creditors have recently rejected the deal that was reached in February to restructure the crypto lending platform and put forward new demands.
This was announced by the parent company, DCG, who fears that “hundreds of thousands of individual creditors are unaware of this turn of events,” and that the new demands will only prolong the lawsuit.
The February agreement included the gradual zeroing of Genesis’ loan portfolio, the sale of insolvent structures, as well as the refinancing of outstanding loans from DCG to Genesis in the amount of approximately $500 million in fiat and $100 million in Bitcoin.
DCG has stated that they remain committed to a fair outcome for all, however they have to weigh the demands of creditors against the concessions they have made.
