Crypto lender Genesis files for Chapter 11 bankruptcy.
The plan considers a dual-track process and is looking at a possible sale, capital raise or other transaction that would allow the business to emerge under new ownership. The New York-based company will start a marketing and sale process to monetize Genesis Global Holdco’s assets or otherwise raise capital, using the transaction proceeds to pay creditors. If the process doesn’t result in a sale or capital raise, creditors will receive ownership interests in a reorganized Genesis Global Holdco.
“”While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” interim CEO Derar Islim, who took on the role in August, said in a statement.
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