(Bloomberg) — Billionaire Cameron Winklevoss, co-founder of the Gemini Trust Co. crypto platform, outlined what he termed a “best and final offer” for digital-asset lender Genesis Global Holdco’s bankruptcy restructuring.
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The proposal is the “floor” that creditors will accept, Winklevoss said in an open letter on Twitter late Monday in New York. He said the deadline to agree a deal is 4 p.m. Eastern Time on July 6. The open letter was addressed to Barry Silbert, the founder of Genesis’ parent company Digital Currency Group.
The offer lists a $275 million forbearance payment, a $355 million debt tranche due in two years and an $835 million debt tranche due in five years. DCG would retain the proceeds from the sale of Genesis Global Trading, while creditors would get the funds from the disposal of all other Genesis companies.
Silbert and DCG, as well…
