Genesis Lenders Don’t Agree with Current Restructuring Plan

A group of creditors for Genesis have rejected the restructuring deal that had been agreed to in February, and have put forward new demands, as announced by the parent company DCG.

They have noted that there is no confirmation of whether the hundreds of thousands of individual creditors are aware of the change in events, but that the move will prolong the lawsuit.

The February deal included the gradual zeroing of Genesis’ loan portfolio, the sale of insolvent structures, and the refinancing of outstanding loans worth approximately $500 million in fiat and $100 million in Bitcoin.

DCG has noted that they are still dedicated to a fair outcome for all involved and are expecting a constructive mediation process.

However, they have warned that they must consider any new demands against the concessions they have already made.