genesis global

Genesis Lawyers Hopeful Of Swift Resolution In Bankruptcy Process

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Genesis Global Capital has been the latest casualty of the effects of the crypto bear market. The crypto lender recently filed for Chapter 11 bankruptcy. The company’s lawyers have informed a bankruptcy court in New York of working “around the clock” to settle with creditors.

Genesis hopes for a swift resolution in bankruptcy

The lawyers noted that they have been working with the representatives of creditors and the US Trustee Office for the last two months to reach a consensus. The lending unit of Genesis halted withdrawals on November 18 last year because of exposure to FTX. Genesis had funds in FTX before the exchange’s bankruptcy.

Two months after halting withdrawals, Genesis filed for bankruptcy. The bankruptcy filing included two of the lender’s subsidiaries: Genesis Asia Pacific and Genesis Global Capital. Lawyers from the Cleary Gottleib law firm, which is representing Genesis in the bankruptcy proceedings, informed the bankruptcy court judge that they plan to settle by the end of the week.

According to attorney Sean O’Neal, Genesis had come up with a timeline and an approach to assist the lender in getting through the bankruptcy case.

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January 27, 2023 by ATTORNEY

Lawyers for Genesis and Its Creditors Are ‘Optimistic’ for a Quick Resolution to Bankruptcy Woes

Lawyers for Genesis Global told a federal bankruptcy court in New York City on Monday that they’ve been working with creditors’ representatives and the U.S. Trustee’s Office “around the clock” for the past two months in order to reach a “consensual resolution” with the embattled company’s creditors.

Genesis’ lending arm halted withdrawals on Nov. 18, 2022, after what its lawyers described as “a run on the bank” in the wake of FTX’s collapse earlier that month. Two months later, on Jan. 19, Genesis Global Holdco – the holding company of Genesis Global Capital – and two of its subsidiaries, Genesis Asia Pacific (GAP) and Genesis Global Capital (GGC), global-files-for-bankruptcy-protection/” data-ylk=”slk:filed for Chapter 11 bankruptcy protection” class=”link “filed for Chapter 11 bankruptcy protection in New York.

Genesis’ lawyers – from the New York-based law firm Cleary Gottleib – told bankruptcy court Judge Sean H. Lane at a hearing on Monday they expect to reach an agreement with the creditors by the end of the week.

“We have a timeline and an approach to get through this case as quickly as possible,” Genesis attorney Sean O’Neal told the judge. “We really want to avoid getting involved in a prolonged

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January 25, 2023 by ATTORNEY
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