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.
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