Creditors of Genesis propose $1.5 billion package of forbearance payments and loans
Cameron Winklevoss, co-founder of Gemini crypto exchange, tweeted a “final offer” in debt-restructuring talks with Genesis. The proposal includes $1.5 billion in forbearance payments and fresh loans denominated in dollars, bitcoin, and ether. Winklevoss expressed frustration with delays from Digital Currency Group (DCG), the owner of Genesis, in coming up with a satisfactory plan to repay creditors. He also mentioned a missed payment of $630 million. The proposed plan outlines $1.465 billion in payments and loans, with a deadline of July 6 for agreement. Winklevoss warned of potential legal consequences and a “non-consensual” debt-repayment plan if the deal is not accepted.
Key Points:
– Genesis creditors propose a $1.5 billion package of forbearance payments and loans.
– Cameron Winklevoss, co-founder of Gemini, tweeted the “final offer” in debt-restructuring talks with Genesis.
– The proposal includes payments and loans denominated in dollars, bitcoin, and ether.
– Winklevoss expressed frustration with delays from DCG in repaying creditors and mentioned a missed payment of $630 million.
– The proposed plan has a deadline of July 6 for agreement, with potential legal consequences if not accepted.
Hot Take:
The proposed $1.5 billion package of forbearance payments and loans shows the seriousness of the situation between Genesis and its creditors. Cameron Winklevoss’s tweet indicates his frustration with the delays and highlights the potential legal consequences if the deal is not accepted. It remains to be seen whether DCG will agree to the proposal, but the outcome will have significant implications for both Genesis and the cryptocurrency industry as a whole.
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