Per Bloomberg Usa New York, Usa city Global SEC Gemini Exchange Legal Digital Currency Group genesis Per Bloomberg Usa New York, Usa city Global

Genesis Files for Bankruptcy as it Seeks Protection From its Creditors – Which DCG Unit is Next to Fail?

Reading now: 938
cryptonews.com

After months of struggling, crypto lending and trading firm Genesis has filed for bankruptcy - but it's not the end of its troubles.Genesis, a unit of the Digital Currency Group (DCG), said in a press release that Genesis Global Holdco, LLC and two of its lending business subsidiaries, Genesis Global Capital, LLC and Genesis Asia Pacific Pte.

Ltd., filed voluntary petitions under Chapter 11 on Thursday in the Southern District of New York, USA. Genesis’s other subsidiaries and other units that are involved in derivatives and spot trading as well as custody businesses are not part of the bankruptcy filing.

These will continue operating. The announcement said that,"Genesis has proposed a roadmap to an exit including a Chapter 11 plan (the “plan”) that calls for a framework for a global resolution of all claims through, and the creation of, a trust that will distribute assets to creditors.

The plan contemplates a dual track process in pursuit of a sale, capital raise and/or equitization transaction that would enable the business to emerge under new ownership."It will start a process of marketing and sale to monetize Genesis Global Holdco, it said, and it will start repaying the creditors.

Read more on cryptonews.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA