Bankrupt Genesis Sues DCG Over $620 Million of Unpaid Loans
09/07/2023 08:06
Bankrupt cryptocurrency lender Genesis Global Holdco LLC sued its parent, Digital Currency Group, seeking to recover about $620 million in outstanding loans despite ongoing settlement talks.
The lawsuits concern loans to DCG that Genesis claim matured in May.
Photographer: Gabby Jones/BloombergBankrupt cryptocurrency lender Genesis Global Holdco LLC sued its parent, Digital Currency Group, seeking to recover about $620 million in outstanding loans despite ongoing settlement talks.
Genesis sued Barry Silbert’s DCG and DCG International Investments Ltd. on Wednesday in New York bankruptcy court but asserted that the companies will keep discussing a potential deal that could end the dispute. The lawsuits were filed after Genesis unveiled a $1.4 billion debt repayment plan backed by some of its customers but which isn’t supported by other key creditors.
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Bankrupt Genesis Sues DCG Over $620 Million of Unpaid Loans