Lawyers for Genesis and its creditors are ‘optimistic’ for a quick resolution to bankruptcy woes
01/24 01:15
“We have a timeline and an approach to get through this case as quickly as possible,” Genesis attorney Sean O’Neal told the judge on Monday,“We really want to avoid getting involved in a prolonged case with litigation that effectively destroys value that would otherwise be available for the creditors.”
According to a declaration filed by Genesis interim CEO Derar Islim, the company has more than $5 billion in liabilities – a sum considerably larger than its assets which, according to a presentation to the court on Monday, include approximately $150 million in unencumbered cash, $500 million in digital assets, $385 million in brokerage accounts and $505 million in outstanding loans to third parties. Also among the assets are large sums owed by its parent company, Digital Currency Group (DCG) – a $575 million loan maturing in May and a $1.1 billion promissory note due in 2032.
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