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Home News Latest News

Gemini Considers Forbearance for DCG After $630M Missed Repayment

22 May 2023
in Latest News, News
Reading Time: 3 mins read
107 1
Gemini Considers Forbearance for DCG After $630M Missed Repayment

Source: cryptorank.io

Gemini Crypto Exchange is considering offering forbearance to Digital Currency Group (DCG) after DCG missed a repayment of $630 million. The ‘forbearance’ agreement would provide DCG with temporary relief by reducing or pausing their mortgage payments so they can repay them later.

According to Gemini, the decision to grant forbearance depends on DCG’s willingness to engage in good-faith negotiations for a mutually agreeable arrangement. Gemini plans to work with DCG-owned Genesis Capital to propose an amended reorganization plan that can proceed without DCG’s consent if an agreement cannot be reached. To that end, Genesis filed a motion with the bankruptcy court on May 19, seeking an extension of its exclusivity period to propose a plan.

The Gemini-DCG repayment issue began when Genesis filed for Chapter 11 bankruptcy on January 19, 2023. In February 2023, Gemini’s co-founder, Cameron Winklevoss, warned of a potential lawsuit against DCG and its CEO, Barry Silbert, for failing to repay a $900 million loan. Winklevoss tweeted that legal action would be taken unless DCG and Barry made a reasonable offer to creditors.

5/ We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices.

— Cameron Winklevoss (@cameron) January 20, 2023

Prior to its bankruptcy, Genesis operated as a crypto lending platform. As of now, the company owes more than $3.5 billion to its top 50 creditors, including Gemini, Cumberland, Mirana, MoonAlpha Finance, and VanEck’s New Finance Income Fund.

The settlement process for Genesis has been marked by controversy. Initially, Genesis and DCG reached a preliminary agreement with creditors and submitted a comprehensive settlement to the bankruptcy court in February 2023. Under the initial settlement terms, creditors were expected to recover 80% of their lost funds. However, subsequent demands from creditors disrupted the initial settlement plans.

DeFi Planet reported earlier that DCG was selling shares of its cryptocurrency funds at a significant discount to raise funds for repaying over $3 billion to creditors, including those of its bankrupt lending unit, Genesis Global Capital. DCG began selling its stakes in investment vehicles managed by its subsidiary, Grayscale, with the Grayscale Bitcoin Trust (GBTC) among them. GBTC, which oversees over $10 billion in assets under management, experienced historically low discounts to its net asset value in late 2022.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: DCGGeminiGenesis
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Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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