Crypto exchange Bitvavo eyes 80-100% recovery in DCG deal -company

AMSTERDAM (Reuters) - Dutch cryptocurrency exchange Bitvavo said on Tuesday it believes it will recover at least 80% of the 280 million euros ($300.58 million) it is owed by Digital Currency Group of the United States, following a deal in principle reached among DCG and creditors.

The funds had been held at DCG subsidiary Genesis, which filed for bankruptcy on Jan. 20.

In a statement Bitvavo said it expects the agreement to be published soon and details to be worked out in the coming weeks.

"The result submitted to the court amounts to an expected recovery rate of between 80-100% which will be repaid in cash, digital assets, cash and convertible preferred equity notes in DCG," the exchange said.

($1 = 0.9315 euros)

(Reporting by Toby Sterling, Editing by Louise Heavens)