Insiders: Genesis may submit a pre-packaged bankruptcy plan, with creditors exchanging a grace period for DCG equity

ChainCatcher news, according to sources cited by The Block, Genesis creditors are negotiating a prepackaged bankruptcy plan with Genesis, where creditors like Gemini will agree to provide a one to two-year payment tolerance period under the prepackaged bankruptcy plan. In exchange, creditors will receive cash payments and equity from Genesis's parent company, Digital Currency Group (DCG). Over the past few weeks, the creditors' committee has been privately negotiating with Genesis to finalize a Chapter 11 bankruptcy protection plan before filing. (The Block)