![]() Gemini also revealed that its legal representatives submitted a request to the Bankruptcy Court of the Southern District of New York last week, seeking a 100-day extension of the deadline to file a Chapter 11 reorganization plan, which “would have Gemini’s input if not outright support.” "DCG continues to be engaged with the various stakeholders in the Genesis Capital restructuring process pursuant to the 30-day mediation period entered into by all parties on May 1," a DCG spokesperson told Decrypt. If a resolution cannot be achieved, the crypto exchange said it is contemplating the option of presenting an "amended plan of reorganization." This plan would be proposed independently, without requiring the consent or involvement of DCG. "Among other things, as part of the ongoing mediation process, the parties are discussing potential terms of forbearance, a standalone chapter 11 plan for Genesis, and other options to recover assets and maximize value to stakeholders." "Genesis and its creditors, represented by the Official Committee of Unsecured Creditors, the Ad Hoc Group of Genesis Lenders, and Gemini Trust, are working collaboratively to address Digital Currency Group’s nonpayment of approximately $627 million in dollars and BTC that was due last week during the ongoing mediation period," a Genesis spokesperson told Decrypt. In the update on the company’s website, the Winklevoss twins-led exchange also said that together with creditor committees it is currently evaluating the possibility of granting forbearance to DCG as a means to prevent a default. $0.04798649 -5.88% Terra Classic (Wormhole)Įarlier this month, the firm warned that in the event DCG is unable to make the required payment or restructure its debt, the digital assets conglomerate would be at risk of defaulting on its obligations.
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