Genesis Has Stated Their Intention To Emerge From Bankruptcy By May 19

Key Points:

• According to bankruptcy court records, Genesis, which has the support of Barry Silbert’s Digital Currency Group, plans to exit Chapter 11 no later than May 19.
• The company has claimed that it is examining a number of options in order to serve Genesis customers and Gemini Earn users with the best potential outcome.

Genesis Global, a lender specializing in encryption, anticipates being able to conclude its bankruptcy processes within the next four months.

According to documents submitted to the United States Bankruptcy Court for the Southern District of New York, cryptocurrency lender Genesis Global Capital is making preparations to emerge from bankruptcy on or around May 19.

In the statement that it was filing for bankruptcy, the firm stated that it was looking into the possibility of selling itself or going through an equity procedure in order to continue operations under new ownership. Gemini users are impacted in some way by the solutions that were developed in Chapter 11. The firm has stated that it is considering a variety of alternatives in order to provide customers of Genesis and users of Gemini Earn with the most favorable conclusion possible.

According to documents filed in bankruptcy court, the organization, which has the support of Barry Silbert’s Digital Currency Group, intends to emerge from the shelter provided by Chapter 11 no later than May 19. If it is successful, the four-month reorganization will equate to a procedure that is far quicker than what has been witnessed for other crypto lending companies that have failed, such as Voyager Digital Ltd. and Celsius Network LLC.

According to the court filings, Genesis is accepting offers for all of its properties until the 14th of April. If the firm is unable to sell itself to repay its customers, those customers will be given equity in the company that emerges from bankruptcy.

This matter is being handled by the United States Bankruptcy Court for the Southern District of New York under case number 23-10063. (Manhattan).

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.

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