Genesis Global, Amid Bankruptcy, Unveils $4 Billion Payout Plan for Creditors
After completing its bankruptcy restructuring, Genesis Global, a subsidiary of Barry Silbert’s Digital Currency Group, has begun repaying creditors.
The company is distributing approximately $4 billion in digital assets and cash as part of its Chapter 11 plan. Creditors will recover an average of 64% of their holdings, with Bitcoin creditors receiving 51.28%, Ethereum creditors getting 65.87%, and altcoin creditors, excluding Solana holders, recovering 87.65%. Solana creditors will see about 30% recovery, while US dollar and stablecoin creditors will get 100% of their claims.
Additionally, a $70 million litigation fund has been established to pursue claims against third parties, including Digital Currency Group. Despite objections from DCG, the court found Genesis lacked sufficient assets to benefit the venture capital firm.
Clever Robot News Desk 6th August 2024
