Lawyers for cryptocurrency exchange Gemini argued in a new filing Wednesday that the proposed resolution of Genesis’ bankruptcy did not go into enough detail or provide any guarantees for some of its biggest debtors. Fair Deal Group, a group of interim creditors, also objected to the proposed plan on similar grounds, saying the proposed agreement would not secure all debt owed by Genesis and that Genesis had not demonstrated it could “confirm a viable plan.” “.
“The Debtors have repeatedly committed that a plan to resolve DCG’s claims is imminent as they seek extensions to the mediation period, hearing dates and bid deadlines,” the Gemini filing said. DCG has not paid the debtors due in May 2023, the filing said. of about $630 million in loans, which hurt Gemini even more seriously.
