Genesis Creditors Finds Ways To Prevent The Company’s Bankruptcy Move
According to Bloomberg News, Genesis Global Trading’s creditors have contacted restructuring attorneys to assist find a solution to keep the crypto brokerage from going bankrupt, citing people familiar with the issue.
Bloomberg reports that law firms Proskauer Rose and Kirkland & Ellis are participating in talks with creditors.
Genesis informed the news source that the corporation is attempting to avoid declaring bankruptcy. Digital Currency Group CEO Barry Silbert stated in a letter last week that the company was looking into solutions.
Following the bankruptcy of FTX, the lending arm of the crypto investment bank ceased redemptions and new loan originations on November 16.
Genesis Trading was earlier reported to be seeking up to $1 billion in emergency finance for its loan arm, but would-be investors such as Binance eventually backed out.
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