Genesis believers allegedly soft of previously agreed bankruptcy structure plan

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Von: Krypto News Österreich

The Digital Currency Group (DCG) claimed that a group of Genesis Capital Globbigers had "abandoned and raised new demands" more than two months after the approval.

The bankruptcy case seemed to be on the way to a solution, but the recent rejection is likely to extend the legal proceedings, according to the crypto conglomerate led by Barry Silbert.

genesis is sufficient for mediation In addition to competitors such as Celsius Network and Vault,

Genesis belongs to a series of crypto companies that have been hit by the market turbulence of the past year. The subsequent bankruptcy application by Sam Bankman-Frieds FTX was the last drop for Genesis, which was soon destabilized by a number of return applications. The company registered bankruptcy shortly after his loan broke the withdrawals.

It owes its main believers $ 2.4 billion from liabilities of almost $ 3.4 billion, as the company mentioned in his bankruptcy request. The main believers and the parent company agreed to a first restructuring plan.

dcg

"More than two months after all parties have agreed on a comprehensive comparison, which was submitted by Genesis Capital at the insolvency court, a group of creditors from Genesis has waived capital and raised all new demands. We do not know whether hundreds of thousands of individual believers are aware of this development, but the recent maneuvers will prolong the court proceedings."

The bankrot crypto loan is now looking for a mediator who supports the parties involved in achieving a solution because the DCG deal came across a roadblock. In a new court act it states that the debtors believe that "the arbitration should be scheduled immediately", since "DCG GGC owes about $ 630 million in the second week of May".

the deal

As reported by cryptopotato Genesis and his parent company DCG, which provides for the closure of the genesis and the sale of its bankrupt companies in detail.

It was also mentioned that DCG is commissioned to refinance its existing temporary loans by 2023 by a new, subsequent, limited limited loan in two tranches that are paid to the creditors with a total value of around $ 500 million.

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