Key Points:Cryptocurrency savings company Donut expects its DCG/Genesis debt recovery rate to be around 80%.
The bankruptcy court has yet to approve the recovery plan.
Genesis is Donut’s most trusted lending partner. Donut users were unable to withdraw funds from Genesis after the suspension.
After the Steering Committee in cooperation with Genesis, DCG and our respective advisors reached an agreement in principle regarding the terms of the restructuring plan, Donut, a cryptocurrency savings company, expects a debt collection rate of 80% at DCG/Genesis. The plan is awaiting approval by the bankruptcy court.As updated in an earlier Coincu News article, today, the Gemini cryptocurrency company, a partner in the Gemini Earn product and a significant creditor of Genesis, has contributed $100 million cash to the recovery plan corporate recovery and restructuring.Cryptocurrency savings company Donut has announced that it expects its DCG/Genesis debt recovery rate to be around 80%, and the excess depends on convertible preferred bonds, based on “Price liquidation” of the assets of DCG/Genesi, taking into account the unspecified costs associated with the remainder of this bankruptcy.This plan has a recovery rate of about $0.80 for every dollar deposited, with a path to $1.00. The scope of the recovery depends on the amount of the convertible preferred equity bonds, the exercised liquidation prices, and the unknown costs associated to this bankruptcy. These illustrated recovery rates are based on Genesis’ information and have been analysed by Houlihan Likey. They can alter the situation. The plan still requires approval by the Bankruptcy Court. Donut is the primary lending partner for Genesis. Donut can’t withdraw Genesis user funds due to the suspension in Genesis conversion. It follows news on January 12 that Genesis owes creditors more than $3 billion, including money owed to Donut’s Saving product customers.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoDCGDonutGenesis