Genesis’ creditors, including Gemini, have reached a key agreement with the bankrupt crypto lender and its parent company, Digital Currency Group, for the restructuring of Genesis’ lending unit, according to a person briefed on the deal.
Creditor groups that are owed a total of more than $2 billion have for months been negotiating an agreement among themselves and also with Genesis and its parent company DCG. Genesis lawyers from law firm Cleary Gottlieb plan to announce details of the agreement at a court hearing starting at 4:30 p.m. ET on Monday.
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