Foresight News: Digital Currency Group (DCG) has reached a preliminary agreement with Genesis creditors to address claims arising from the latter's bankruptcy. The plan could result in unsecured creditors recovering between 70% and 90% of their claims in US dollar equivalent, and between 65% and 90% recovery based on the denomination of digital assets, with all estimated recovery amounts subject to market pricing and explicit documentation constraints.
Additionally, to meet DCG's existing debt obligations of approximately $630 million in unsecured loans due in May 2023 and $1.1 billion in unsecured promissory notes due in 2032, the parties have agreed on a new partial repayment agreement, divided into two phases: a two-year loan of approximately $328.8 million and a seven-year loan of $830 million. Following the partial repayment agreement for the unsecured loan due in May 2023 (totaling $630 million), DCG will also pay $275 million, to be made in four installments.