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Genesis Creditors Reject Previously Agreed Bankruptcy Restructuring Plan, DCG Says

A group of Genesis Capital's creditors has rejected the restructuring deal agreed in February, leading parent company Digital Currency Group (DCG) to say that the bankruptcy process will be prolonged. Genesis Capital filed for bankruptcy protection in January after being hit by the collapses of hedge fund Three Arrows Capital and crypto exchange FTX. Reports suggest that the February agreement included proposals to wind down the Genesis loan book and sell the company's bankrupt entities. Genesis owes over $3.6 billion to its top 50 creditors, including claims from Gemini, founded by the Winklevoss twins. DCG said it remains committed to reaching a fair outcome for all.

(By Andrew Rummer)

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