Genesis Capital filed an updated reorganization plan on June 13, days after the bankruptcy court extended mediation talks with relevant stakeholders to August 2.
It is an updated version of the initial wind-up plan submitted by the collapsed crypto lender in January as part of its bankruptcy proceedings. It essentially splits up debtors and proposes individually tailored compensation plans for them.
According to the filing, Genesis has reached a “substantial agreement on certain key issues” with its debtors, creditors and other stakeholders — including parent company DCG. However, the mediated discussions remain ongoing and have yet to reach a proper conclusion.
‘Impaired claims’
According to the filing, the claims submitted by DCG and Three Arrows Capital (3AC) against Genesis are disputed and considered “impaired.”
As such, DCG claimants are considered unsecured creditors and will not be given the right to vote and are automatically assumed to have rejected the plan. A
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