Genesis, a crypto lender, and its key creditor group are undergoing a 30-day mediation process to establish a final restructuring plan. However, Gemini, which is also involved in the mediation, expressed dissatisfaction with the sluggish pace of progress. The mediation process will concentrate on a February bankruptcy exit plan that would allow creditors to recover 80% of their lost funds. While DCG, Genesis’ parent company, supports the proposal, the UCC is pushing for better terms. Genesis is set to appear in bankruptcy court on May 4, and the company aims to have two mediation sessions before May 8, with the final terms of the deal made public after the mediation period.
A mediator will need to be selected by both parties. Potential mediators have been contacted, and once one is chosen, the court will be notified of the process.
