Digital Currency Group (DCG) and Genesis Global have reached a repayment plan to settle their lawsuit, according to a new bankruptcy filing.
In September, Genesis filed a lawsuit against DCG, alleging wrongful possession of over $620 million in loans and seeking repayment, interest, and fees amidst Genesis' ongoing bankruptcy proceedings.
So far, DCG has paid approximately $227.3 million of the $620 million it owes.
The deal would see DCG pay another $275 million to Genesis in three installments, partially in U.S. dollars and bitcoin, due by April.
The deal also includes a $35 million upfront payment and a $10 million holdback from the recent sale of CoinDesk. According to the filing, DCG is also pegging Grayscale Trust shares as security.
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While the deal won't fully repay the debt, as DCG owes Genesis a total of $324.5 million, it will keep the two companies out of lengthy and expensive litigation.
The deal still needs to be approved by creditors.