DCG is ‘in discussions’ with capital providers amidst Genesis mediation

Digital Currency Group (DCG) provided an update on the status of its subsidiary, Genesis Capital, in a statement on May 9.

DCG said that it remains “engaged with the various stakeholders” who are involved in a mediation process concerning Genesis’ restructuring process. The company said it aims to reach a “productive resolution” and “fair outcome for all.”

DCG additionally said that it is “in discussions” with capital providers to obtain growth capital and to refinance outstanding obligations with Genesis.

Several of Genesis’ creditors walked away from a past agreement around April 25, objecting to details of DCG’s contributions to Genesis’ restructuring plan. Genesis agreed to enter mediation with several of its creditors during the last week of April. DCG said today that all parties officially entered the mediation process on May 1.

Genesis first filed for bankruptcy on Jan. 19 and owed at least $3.5 billion to its creditors at that time. The bankruptcy only extends to its lending division.

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