According to DCG, Genesis’ proposed bankruptcy plan pays creditors “hundreds of millions of dollars more” than the amount of the petition.
Digital Currency Group (DCG), the parent firm of the bankrupt crypto lender Genesis Capital, has objected to Genesis’ bankruptcy plan, arguing that it violates the Bankruptcy Code.
DCG filed a motion on Feb. 5 objecting to the bankruptcy plan, claiming that its subsidiary, Genesis, proposed to pay its customers more than they are legally entitled to.
“DCG would support a plan that pays creditors one hundred cents on the dollar, and the estates currently have sufficient assets to do so,” the court filing reads, adding that the debtors have not proposed such a plan.
