News

Genesis Creditors Finds Ways To Prevent The Company’s Bankruptcy Move

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.