Digital currency Group (DCG) is preparing to sell the business process of buying and selling login passwords and its borrowing units of its subsidiary Genesis, and a mentor at Genesis said in announcing the company's agreement with creditors on Monday that the unit was being restructured through bankruptcy.

The battle between Cleary Gottlieb mentor Shaw and O'Neill means that Genesis outlined the proposed mediation implementation plan at a hearing last month on the status of login password borrowers who filed for bankruptcy protection. Earlier on Monday, WJB reported that DCG and Genesis had reached an agreement with a key group of creditors. WJB, like Genesis, belongs to all DCG.

The normal protocol is with DCG and Gemini Trust Co. These two are especially realized by creditors.

"according to the settlement, DCG will dedicate this physical line [Genesis Global Trading] to [Genesis Global Holdco]. This will happen on the day it takes effect, "O'Neill said. "during this time, people will actually carry out marketing and try to sell not only the property of the debtor, but also the property of GGT, because it constitutes a good outer package, and I always believe that we can get the property back to the maximum extent based on packing them together."

All aspects of the proposed sale and purchase transaction will include a restructuring of DCG's debt to Genesis Holdco. Genesis Holdco is one of the legal organizations that have filed for bankruptcy protection. Under the new provisions, DCG will issue a second pledge to allocate loans on time, which will expire in June 2024.

"two bonds are coming soon. The first batch will be charged in US dollars, the loan interest will be 11.5%, and the second batch will be charged in BTC, and the loan interest will be 5%, "O'Neill said.

DCG also allows the issuance of a class of convertible preferred shares, but more details of the issue are still being worked out, O'Neill said.

A press release released after the hearing said DCG would use its existing $1.1 billion cashier's check, which expires in 2032 at this stage, to acquire the convertible shares.

Gemini founder Cameron Winklevoss tweeted at the hearing that Gemini itself has contributed another $100 million to profitable customers as part of the plan.

Gemini worked with Genesis to give profitable goods until November 16, when Genesis announced that its credit business would stop withdrawing cash, which in turn severely affected the ability of Gemini Rain customers to use their assets.

Updated (22:15 UTC, February 6, 2023):Plus other details.

Upgrade (22:28 UTC on February 6th):The Gemini tweet added.

Upgrade (22:50 UTC on February 6th):Enhanced Genesis press releases.