Billionaire Cameron Winklevoss, co-founder of the Gemini Trust Co., presented a proposal for the restructuring of Genesis Global Holdco, considering it the “best and final” offer. The proposal includes a payment deferral of $275 million. Additionally, there are two tranches of debt: $355 million, with an anticipated repayment period of two years, and $835 million, with a planned repayment period of five years.
The deadline for agreement on the deal is July 6. Barry Silbert, founder of Genesis Digital Currency Group and DCG, has not yet commented on the proposal. Genesis froze approximately $900 million of Gemini’s customers in the Earn program, which allowed them to earn interest on loans facilitated through Genesis.
In November, Genesis suspended fund withdrawals due to issues with the FTX exchange, and in January, it declared bankruptcy, with the total amount of unsecured claims reaching around $3.4 billion. Genesis, DCG, and creditors, including Gemini, are engaged in court-mediated negotiations. In early June, the bankruptcy judge granted them more time to prepare a revised payment proposal. If the July 6 deadline is missed, the Genesis Committee may file a petition for DCG’s insolvency and demand a payment of $630 million.
