Genesis Global Capital creditors are negotiating a prepackaged bankruptcy plan with the firm, two sources familiar with the talks told The Block. 

Creditors like the Winklevoss twins' Gemini would agree to a forbearance period — in most of the payments — of between one and two years under the prepackaged bankruptcy plan, according to one of the sources. In exchange, creditors will receive cash payments and equity in Genesis parent company Digital Currency Group, the source said.

Gemini formed an ad hoc committee late last year in an effort to coordinate efforts with other creditors and advocate together for a resolution after Genesis halted withdrawals on its platform. The creditor committee has been privately negotiating for the past few weeks with Genesis in an effort to finalize a Chapter 11 bankruptcy protection plan ahead of filing.