Gemini says it will work with Genesis on a new reorganization plan after DCG missed a $630 million payment that was due last week.
A creditor to Barry Silbert's DCG's Genesis, Gemini said that it is currently working with Genesis and other creditor groups to provide forbearance to DCG to avoid a default.
In Gemini's latest update, the firm says that if a deal can't be reached then it will work with Genesis to"to suggest terms for an amended plan of reorganization that could be advanced without DCG’s consensual participation." As per DCG's last update on May 9, the firm is currently in discussions with"capital providers for growth capital and to refinance its outstanding inter company obligations with Genesis."
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