Bankrupt cryptocurrency lender Genesis Global Holdco and a key creditor group have agreed to meet with a mediator in an effort to save a proposed bankruptcy exit plan backed by the company’s parent, Digital Currency Group, Bloomberg News reported. Genesis lawyer Sean O’Neal said on Friday that the crypto lender has agreed to a 30-day mediation period including its committee of unsecured creditors, which has opposed the proposed restructuring deal. Genesis is hoping to hold two “substantive” mediation sessions before May 8, O’Neal said. Final terms of the deal will also be made public when mediation is terminated, he said. Genesis and the committee still need to pick a mediator who will oversee the discussions. O’Neal told Judge Sean Lane that they have started reaching out to a list of mediators and will submit an order to the court outlining the process once a mediator is picked. The creditors’ committee is opposed to Genesis’s current restructuring proposal and is seeking better terms, Bloomberg News has reported. Philip Abelson, a lawyer representing the creditors’ committee, said his client’s position hasn’t changed “and we do not want our participation in the mediation to be misconstrued.”
