Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source

The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis, the person said. Included is “an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims,” the person said, without providing details of the process. The promissory note was for $1.1 billion to Three Arrows Capital (3AC), a crypto hedge fund that collapsed last year.