genesis-and-parent-dcg-reach-initial-deal-with-main-creditors-–-coindesk

Digital Currency Group (DCG) and its bankrupt Genesis unit reached an agreement in principle on a restructuring plan with a group of creditors, CoinDesk reported on Monday, citing a person familiar with the matter.

The agreement involves winding down the Genesis loan book and selling bankrupt Genesis entities, the report added.

Reuters reported last month that Genesis owes creditors more than $3 billion.

Genesis and DCG did not immediately respond to Reuters’ requests for comment.

Several crypto companies have lately been under pressure as they try to navigate unprecedented industry-wide turmoil amid waning investor appetite for digital assets after major exchange FTX blew up late last year.

Last month, Genesis – which brokers digital assets for financial institutions such as hedge funds and asset managers – cut 30 per cent of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter.

DCG acquired crypto news website CoinDesk in 2016 after previously investing in the outlet.

 

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