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But the bankruptcy negotiation was always aimed toward a settlement, because it gets money into people's hands much more quickly, Paul explained. The lawyers have until Dec. 1 to get a 75% approval rate from the 60 individuals and entities in their group and with any investors who sign up
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Celsius Network, a bankrupt digital asset lender, has revealed plans to begin repaying creditors using billions of dollars in crypto assets before
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Celsius Network filed for Chapter 11 bankruptcy protection in April 2022, hoping to restructure its debt and find a buyer for its assets. Celsius Network, the bankrupt crypto lending company, has taken a significant step forward in prioritizing the needs of its creditors. The company is currently seeking court approval to
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The overwhelming vote marks another step towards the end of Celsius' bankruptcy and the return of funds to customers. Celsius filed for bankruptcy in July last year as the crypto winter set in and its Chief Executive Officer Alex Mashinsky resigned as CEO in September 2022. In July 2023, Mashinsky
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The creditors involved in the Celsius bankruptcy case have voted in favor of a plan that will see funds returned to them as well as distributing equity through a new company.According to a Sept. 25 filing from bankruptcy firm Stretto, most of the classes voted in favor of the plan
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Lawyers representing Gemini Trust have pushed back against a plan proposed by Digital Currency Group (DCG) for creditors of Genesis Global.In a Sept. 15 filing in the United States Bankruptcy Court for the Southern District of New York, the legal team accused DCG of gaslighting Genesis creditors through “contrived, misleading,
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Digital Currency Group (DCG), the parent company of the insolvent crypto lending firm Genesis, is pushing for a repayment plan for its creditors, which includes participants in the Gemini Trust Co.’s Earn program. In a filing on Wednesday, Sep. 12, DCG assured Gemini Earn program investors that they could potentially receive
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The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying. These
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“[Genesis], by entering into the Proposed Settlement, have sought to buy the support of the FTX Debtors, and their votes,” said a Thursday filing by a set of creditors which calls itself the Fair Deal Group. “This is, of course, a perversion of the Chapter 11 process.” Source
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To satisfy DCG's existing liabilities of approximately $630 million in unsecured loans due in May 2023 and $1.1 billion under an unsecured promissory note due in 2032, a new partial repayment agreement was agreed upon with two tranches – approximately $328.8 million with a two-year maturity and $830 million
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