Gemini considers forbearance after DCG defaults on a $630M payment
Gemini is planning to file a new motion with the court seeking the return of $1.1 billion of digital assets from DCG-owned Genesis. Troubled cryptocurrency exchange Gemini is considering a forbearance option against the Digital Currency Group (DCG), which missed a $630 million re payment last week. When a lender grants forbearance , the borrower can temporarily reduce its mortgage payment or temporarily stop making payment s. The borrower must subsequently pay the reduced or paused payment s. In its updated response, Gemini claimed that the forbearance consideration would be partly based on whether DCG will engage in good-faith negotiations on a consensual deal. If an agreement cannot be reached among the involved parties, Gemini plans to work with DCG-owned Genesis Capital to suggest terms for an amended plan of reorganization that could be advanced without DCG’s consensual participation. On May 19, Genesis also filed a motion with the bankruptcy court seeking to extend its peri...