Digital Currency Group in Deal With Bankrupt Unit Genesis to End $620 Million Suit
- Deal requires DCG to complete Genesis payments in April 2024
- DCG has been making payments but owes Genesis $324.5 million
Digital Currency Group struck a new repayment deal with its bankrupt subsidiary, Genesis Global Holdco LLC, as part of an agreement to end a lawsuit that sought roughly $620 million from DCG.
Genesis lawyer Sean O’Neal said during a Tuesday hearing that the deal will provide the bankrupt crypto lender with roughly $200 million in value over the next few weeks and requires DCG to complete outstanding payments in April 2024. If DCG defaults, Genesis can try to collect any unpaid amount, according to court papers.
