Creditors of bankrupt crypto lender Genesis go to mediation.
The offer submitted by the company recently was accepted by the creditors. Thus, the creditors and the company will go to a mediator to meet at the middle point.
Genesis and Creditors Will Sit at the Table
Bankrupt cryptocurrency lender Genesis Global Holdco LLC and a creditor group have agreed to meet with a mediator to discuss a proposed bankruptcy exit plan sponsored by the company’s parent company, Digital Currency Group.
Genesis and its creditor group will enter into a 30-day mediation process. The parties requested two mediation sessions before 8 May.
Genesis attorney Sean O’Neal said in a statement that the crypto lender has agreed to a 30-day mediation period, including a committee of unsecured creditors opposing the proposed restructuring agreement. O’Neal said Genesis aims to hold two important mediation sessions before May 8. He also stated that the final terms of the agreement will be made public when the mediation ends.
Genesis and the committee still need to select a mediator to oversee the discussions. O’Neal told Judge Sean Lane that they are starting to work on a list of mediators and that once a mediator is selected, they will present information to the court outlining the process.
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