Bankrupt crypto lending platform Genesis is seeking mediation to settle its Digital Currency Group (DCG) deal.
The bankrupt crypto startup continues to work to resolve the deal with DCG. The firm submitted its prerequisite document outlining a settlement in February.
Genesis Seeks Mediator to Resolve Dispute with DCG
Bankrupt crypto lender Genesis Global Holdco LLC has asked the judge overseeing its restructuring to appoint a mediator to save the outlines of a settlement with its parent company, Digital Currency Group.
Genesis made the following statements in a bankruptcy filing:
“While these discussions initially focused on resolving the issues left open in the restructuring prerequisite, more recent discussions have made it clear that a mediator is necessary to assist mediation parties in reaching a resolution.”
DCG Statement on Genesis filing Motion for Mediation: pic.twitter.com/pRluUnL49C
— Digital Currency Group (@DCGco) April 25, 2023
DCG made the following statement in a Tweet:
“Some of the creditors have decided to walk away from a settlement agreement submitted to the court. DCG remains committed to achieving a fair outcome. However, while we look forward to a constructive mediation process, their new demands do not want to face the concessions we have made before.”
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