Digital Currency Group (DCG) has reached an agreement with creditors of its crypto lending subsidiary, Genesis. According to a court filing, the estimated USD equivalent recoveries could account for 70% to 90% for unsecured creditors. The amended plan could result in 65% to 90% recovery on an in-kind basis, depending on the denomination of the digital asset.To satisfy its existing liabilities, DCG would enter into new debt facilities and a partial repayment agreement. This includes a $328.8 million first-lien facility with a two-year maturity and a $830 million second-lien facility with a seven-year maturity. DCG would also pay $275 million in installment payments prior to the plan effective date.Genesis filed for bankruptcy in January 2023, owing more than $3.5 billion to its top 50 creditors. The company had suspended withdrawals in mid-November 2022, citing market turmoil related to the collapse of the FTX crypto exchange.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	New Finance Income Fund, FTX, VanEck, Gemini
Companies	Genesis, FTX, Digital Currency Group, VanEck’s New Finance Income Fund, Gemini
Currencies	ftx, ethereum, new finance income fund., usd, bitcoin
Securities