DCG reaches a US$200 million repayment agreement with Genesis, ending approximately US$620 million in loan litigation

Digital Currency Group (DCG) has reached a new repayment agreement with its bankrupt subsidiary Genesis Global Holdco LLC, which will end Genesis' lawsuit seeking approximately $620 million from DCG. Genesis' lawyer Sean O'Neal said at the hearing that the new agreement stipulates that DCG will pay Genesis approximately $200 million in the next few weeks and requires DCG to complete the outstanding payments in April 2024. If DCG defaults, Genesis can try to Collect all outstanding amounts. The DCG repayment will form part of Genesis' proposed payout plan to its creditors, which will be put to a vote by creditors. Genesis said the agreement would avoid months of costly litigation with its parent company. Attorney Sean O'Neal said the agreement still does not resolve other disputes related to DCG in Genesis' bankruptcy resolution. The lawsuit, filed by Genesis in September, seeks to recover unpaid loans from its parent company, DCG. DCG has been making payments to Genesis since the lawsuit was filed, but as of Nov. 28, DCG still owed the subsidiary $324.5 million, according to court documents. (Bloomberg) According to previous news, Genesis Global Capital filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) in September, requiring them to repay multiple loans with a principal amount of more than US$600 million.