Genesis Global - eng Duechtergesellschaft vun der Digital Currency Group (DCG) - huet de Kapitel 11 Insolvenzschutz am Januar 19 am Insolvenzgeriicht vum Southern District vun New York agereecht, sot et an enger Pressematdeelung.
D'Derivate, Spothandel, Broker-Händler, a Suergerecht Waffen vu Genesis sinn net Deel vun der Insolvenzdossier a funktionnéieren normal, sot d'Firma.
Restrukturatioun
Ënnert Kapitel 11 betruecht d'Firma d'Restrukturéierung, déi vun engem onofhängege spezielle Comité vum Verwaltungsrot gefouert gëtt, sot et.
D'Firma huet tëscht $ 1 Milliarden an $ 10 Milliarde u Verméigen a Verbëndlechkeete, laut dem Pressecommuniqué. Genesis said it has over $150 million in cash, providing “ample liquidity” to support its business operations and the restructuring process.
The court-supervised restructuring will “provide an optimal outcome for Genesis clients and Gemini Earn users,” the firm said. Genesis owes $900 million to Gemini Earn users.
The crypto lender is exploring a “dual track process” to pursue “sale, capital raise and/or equitization transaction that would enable the business to emerge under new ownership,” it said.
Genesis will start a marketing and sale process for its assets or raise capital and use the proceeds to pay back creditors. However, if the firm fails to close a sale or raise capital, creditors will receive ownership interests in Reorganized Genesis Global, according to the press release.
The firm had been trying to raise capital for months without any results. Its parent firm DCG was reportedly considering liquidéieren its venture capital holdings to cover Genesis’ $3 billion debt burden.
Genesis froze customer withdrawals in November, soon after the collapse of FTX. Earlier this month, the firm seng Aarbechterkraaft ëm 30% reduzéiert.
Source: https://cryptoslate.com/genesis-global-caves-to-liquidity-issues-and-files-for-chapter-11-bankruptcy/