Crypto News: Can This Finally Change Things For Genesis?
Genesis & Creditors Enter Crucial Mediation
On Friday, an attorney representing Genesis, Sean O’Neal, announced that the cryptocurrency lender has consented to a 30-day mediation procedure that will include its committee of unsecured creditors. This committee has been against the planned restructuring deal an according to O’Neal, Genesis is working towards holding two “substantive” mediation sessions before May 8th. He stated that after the mediation process is over, the final terms of the agreement would also be made public.
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According to a report by Bloomberg, the creditor’s committee at Genesis is opposed to the company’s present proposal to restructure, and it is looking for improved terms. Philip Abelson, a lawyer who represents the creditors’ committee, stated that his client’s position has not changed, “and we do not want our participation in the mediation to be misconstrued.”
Despite this, Judge Lane, who is currently presiding over the case, highlighted the fact that both sides had agreed to mediate the dispute as “significant progress.” Lane was quoted as saying:
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In February, the attorneys for Genesis Global Holdco issued a term sheet describing a settlement with creditors. The document shows that DCG would bear a significant portion of the burden in the reorganization of the insolvent cryptocurrency lender.
As reported earlier on CoinGape, initially the agreement received the backing of creditors who collectively represented more than $2 billion in claims against Genesis of which Winklevoss’ Gemini Trust was also a part.
After the failure of FTX in November of last year, Genesis’ lending arm stopped withdrawals and later filed for protection under bankruptcy laws in January.
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