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Digital Currency Group (DCG), the parent company of crypto firm Genesis Capital, has reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors.
In a May 9 announcement, DCG said it was in the middle of a 30-day mediation period with Genesis in response to creditor demands. The firm proposed a settlement plan in February in which Genesis creditors had been expected to receive 80% recovery of funds after the firm filed for Chapter 11 bankruptcy.
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