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Gemini seeks to exact its owed payment sum from Genesis parent DCG and is working with several creditors on a forbearance plan. Gemini Trust Company LLC recently said that Genesis parent DCG missed a $630 million loan payment last week. This development is the latest occurrence in the ongoing dispute between
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Gemini says it is working with Genesis, DCG, and creditors to provide forbearance to DCG in order to avoid a default. Original Source
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Digital Currency Group (DCG), the parent company of crypto firm Genesis Capital, has reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors.In a May 9 announcement, DCG said it was in the middle of a 30-day mediation period with Genesis in response to creditor demands. The firm
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The crypto conglomerate may owe its bankrupt lending division hundreds of millions in loan payments. Source
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Troubled digital currency company Genesis Capital saw its settlement disrupted by creditors in two months after the initial agreement, raising concerns about the timing of the process.Genesis’ parent company, Digital Currency Group (DCG), took to Twitter on April 25 to issue a statement on Genesis filing a motion for mediation.
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Crypto lender Genesis Global asked a court to appoint a mediator for its bankruptcy proceedings, court documents show. Digital Currency Group (DCG), Genesis' owner, said the move reflects the decision of a group of creditors to walk away from a preliminary agreement reached earlier this year. Original Source
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Major banks are still willing to work with crypto firms though they may implement service restrictions, according to messages viewed by CoinDesk. Original Source
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"We will continue to use every tool we can to maximize recoveries for FTX customers and creditors,” said John J. Ray III, CEO and Chief Restructuring Officer of the FTX Debtors, in a statement. “Our goal is to unlock value that we believe is currently being suppressed by Grayscale's self-dealing
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Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating tocollapse of crypto hedge fund, Three Arrows Capital (3AC).DCG reportedly lost $1.1 billion last year, according to its Q4 2022 investor report, and said the results “reflect
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"'Equitization' means, if the Sale Process does not result in the sale of all or substantially all of the assets of Genesis, a restructuring under the Amended Plan pursuant to which the GGC Creditors will receive, among other things, one hundred percent (100%) of the equity in reorganized GGH, subject
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