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DCG Reports No Solution to Outstanding Obligations in Genesis Mediation Process

Digital Currency Group (DCG), the parent company of Genesis Capital, has announced that it has not yet found a solution to its outstanding intercompany obligations, which could help reimburse creditors. DCG is currently in a 30-day mediation period with Genesis in response to creditor demands, and is in discussions with capital providers for growth capital and to refinance its outstanding intercompany obligations with Genesis. Genesis creditors had been expected to receive 80% recovery of funds after the firm filed for Chapter 11 bankruptcy, but in April, they raised their demands, disrupting the bankruptcy proceedings and the "agreement in principle" between the two firms.

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