TechFlow news, cryptocurrency savings company Donut announced that the recovery rate for its claims against DCG/Genesis is approximately 80%, with any additional recovery depending on convertible preferred stock instruments and the "realized liquidation price" based on DCG/Genesis assets, taking into account unknown costs associated with the remaining bankruptcy proceedings. For members of the Save plan, this implies a net recovery range of 81%–100% per dollar deposited. For members of the Build plan, the net recovery range is 83%–100%.
As previously reported, Genesis's major creditors include Gemini, Mirana, Decentraland, and VanEck, with Genesis owing Donut $78 million.
Digital Currency Group (DCG) has reached a preliminary agreement with Genesis Global Capital creditors (holding or representing more than $2 billion in claims). As part of the Genesis bankruptcy plan, DCG will exchange $1.1 billion in notes due in 2032 for convertible preferred shares issued by DCG. DCG will also refinance its existing 2023 term loan through a new junior secured term loan, payable in two tranches to creditors, totaling approximately $500 million. As part of the deal, DCG also plans to sell the equity of Genesis's crypto trading arm, Genesis Global Trading, to Genesis Global Holdco, bringing all Genesis entities under a single holding company. Original link
