DCG Reaches Agreement in Principle with Genesis Creditors to Exchange $1.1 Billion Note for Preferred Stock

DCG has reached an agreement in principle with Genesis's ad hoc group of creditors to exchange $1.1 billion note for preferred stock.

It is report that DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock to be issued by DCG as part of Genesis’s Chapter 11 plan. DCG would also refinance its existing 2023 term loans through a new, junior secured term loan in two tranches made payable to creditors in the aggregate total value of approximately $500 million.

In addition, DCG will also contribute its equity interest in Genesis Global Trading to Genesis Global Holdco, bringing all Genesis entities under the same holding company.

As part of the agreement, Gemini has agreed to contribute up to $100 million in additional funds to Earn users.

Source

Event

Related News
BloFin Impresses at TOKEN2049 Singapore with Strong Vision for Rapid Expansion BloFin Impresses at TOKEN2049 Singapore with Strong Vision for Rapid Expansion
TokenPost Heats Up 'Crypto Fever' with Global Web3 Roadshow 'IXO™ 2024: Embrace the Future' TokenPost Heats Up 'Crypto Fever' with Global Web3 Roadshow 'IXO™ 2024: Embrace the Future'
Latest News More More
8 Hours Ago Citigroup predicts stablecoin supply could hit $3.7 trillion by 2030
9 Hours Ago Ark Invest raises 2030 bull-case bitcoin price projection to $2.4 million on 'aggressive' modeling
1 Day Ago Zora airdrop triggers confusion as token launches without announcement, requires users claim manually
2 Days Ago pot bitcoin ETFs see $936 million inflows as 'safe haven' narrative strengthens
2 Days Ago Binance South Africa to require information on senders and recipients for local compliance
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open