Genesis failure would land owner with $350mn payout to financier Todd Boehly

Dec 20,2022
KingData News: Digital Currency Group (DCG) is trying to raise money to avoid the bankruptcy of its subsidiary Genesis, in part to avoid immediate repayment of a loan from U.S. financier Todd Boehly, who raised a debt facility for DCG through his own investment group Eldridge last November that included a $600 million loan from Eldridge and a group of other investors, the Financial Times reported, citing sources. The $350 million still outstanding on the loan would be immediately due if Genesis goes bankrupt, and the senior secured term loan ranks higher than other debt and has a certain priority, meaning it would have to be repaid first in any event, people familiar with the matter said.
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