Bankrupt Crypto Lender Genesis, Creditors to Enter Mediation
- Genesis and creditor group will hold 30-day mediation process
- Parties want two ‘substantive’ mediation sessions before May 8
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Bankrupt cryptocurrency lender Genesis Global Holdco LLC and a key creditor group have agreed to meet with a mediator in an effort to save a proposed bankruptcy exit plan backed by the company’s parent, Digital Currency Group.
Genesis lawyer Sean O’Neal said Friday that the crypto lender has agreed to a 30-day mediation period including its committee of unsecured creditors, which has opposed the proposed restructuring deal. Genesis is hoping to hold two “substantive” mediation sessions before May 8, O’Neal said. Final terms of the deal will also be made public when mediation is terminated, he said.