Odaily Planet Daily News A tentative agreement between Genesis Global Capital (GGC) and parent company Digital Money Group (DCG) has been opposed by a group of creditors. "Totally inadequate".
In a deal-in-principle announced by Genesis on Tuesday, DCG agreed to a series of partial repayments to pay off a $630 million unsecured loan due in May 2023 and a $1.1 billion debt due in 2032.
Creditors have opposed DCG and CEO Barry Silbert's immunity from future legal claims and have threatened to block any eventual bankruptcy agreement that includes the plans. The filing accused Genesis, and a formal committee representing creditors, of agreeing to DCG's deal to ignore a fiduciary duty to maximize debt recovery. The creditors have not been identified, but the documents say their claims against Genesis total $2.4 billion, including most of the various claims against Genesis. (CoinDesk)