Bankrupt crypto lender Genesis plans to seek mediation if creditor deal isn’t struck this week

Bankrupt crypto lender Genesis plans to seek mediation if creditor deal isn’t struck this week

Crypto lender Genesis filed for bankruptcy last Thursday, but its lawyers have been in negotiations with creditors and its largest borrower — parent company Digital Currency Group (DCG) — for more than two months.

And in bankruptcy court on Monday afternoon, lawyers for Genesis said a deal with creditors still hasn’t been reached and said if an agreement can’t be reached “within the next few days,” the firm is will ask the judge to appoint a mediator.

“We have a clear roadmap for this Chapter 11 case,” Genesis counsel Sean O’Neal said. “We’ve filed a plan, and that plan is confirmable on its face.”

Court documents filed the day after its bankruptcy petition show Genesis already had a restructuring plan drawn up, with hopes to sell its assets as soon as May. Genesis held $5.1 billion in liabilities in the weeks following its withdrawal freeze on Nov. 16, 2022.

Read the complete Article here.

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