Genesis Creditors Split on $1.4 Billion Repayment Proposal (1)

Genesis Global Holdco LLC has worked out the shape of a debt-repayment plan with its estranged owner and a panel representing its crypto customers, but key creditors including Gemini Trust Co.aren’t on board.

The company has reached a tentative restructuring deal with its parent company, Digital Currency Group, and its official committee of unsecured creditors, according to a court filing. The agreement would give unsecured creditors a recovery of as much as 90%, according to court papers.

The company will now work to turn the proposal into a final agreement. The pact is a key step ...