In a recent development, Digital Currency Group (DCG) has successfully negotiated a repayment arrangement with its financially distressed subsidiary, Genesis Global Holdco LLC. This resolution marks the conclusion of a legal dispute where Genesis sought approximately $620 million from DCG.
Sean O’Neal, the legal representative for Genesis, revealed details of the newly forged deal during a hearing held on Tuesday. As part of this agreement, the bankrupt cryptocurrency lender, Genesis, stands to receive an estimated $200 million in value over the coming weeks. The terms further stipulate that DCG is obligated to fulfill outstanding payments by April 2024. In the event of any default by DCG, Genesis retains the right to pursue the collection of any unpaid amounts, as outlined in court documents.
