Golden Finance reported that a tentative agreement reached between lender Genesis Global Capital (GGC) and parent company Digital Money Group (DCG) met with opposition from creditors, who said in a filing on Tuesday that they would have to pay more than $1 billion in outstanding loans. The treatment was "totally inadequate". An agreement in principle announced by Genesis on Tuesday shows DCG agreeing to repay a series of partial debt obligations to repay a $630 million unsecured loan due in May 2023 and a $1.1 billion loan due in 2032.

Lenders have objected to DCG and CEO Silbert being shielded from future legal claims and have threatened to block any eventual bankruptcy agreement that includes the plans. The filing accuses Genesis and a formal committee representing creditors of ignoring their fiduciary duties by agreeing to the DCG deal to maximize recoveries. The members of the bloc of interim lenders have not been made public, but the documents say their claims against GGC total $2.4 billion, including most of the various claims against GGC.
As previously reported, DCG has reached a preliminary agreement with Genesis’ creditors. The plan could enable unsecured creditors to receive recoveries equal to 70% to 90% of the dollar value.