Genesis strikes deal with Gemini and other creditors as DCG sells shares in Grayscale trusts Cryptocurrencies
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Under the terms of the agreement, DCG would issue convertible preferred stock as part of Genesis’ Chapter 11 restructuring plan in exchange for its outstanding $1.1 billion note due in 2032. DCG would also refinance its existing 2023 term loans through “a new, junior secured term loan in two tranches made payable to creditors in the aggregate total value of approximately $500 million.”
An update posted by crypto yield platform Donut, a Genesis creditor, claimed the plan “has a recovery rate of approximately $0.80 per dollar deposited, with a path to $1.00” depending on the equity note, the prices Genesis assets receive at auction and other factors. Genesis filed for bankruptcy on Jan. 19 after months of concern over its degree of exposure to FTX and Alameda and weeks of bitter and public conflict with Gemini, whose customer assets they held.DCG also appears to be laying the groundwork to finance the Genesis restructuring plan, as they have begun selling off shares of their Grayscale cryptocurrency funds at a significant discount, according to a report from the Financial Times.
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