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.
bullishbullishbullish3bearishbearishbearishBearishLikeShare
DisclaimerThe content above does not represent HTX's positions.HTX does not provide any trading recommendations.

Related Articles

  • Image

    This Finance CEO Picks Solana Instead Of Bitcoin — Here’s Why

  • Image

    Ethereum Shortfall Says Price Is Headed Lower Unless This Happens

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge

All Comments0LatestHot

avatar
LatestHot

Related Articles

  • Image

    This Finance CEO Picks Solana Instead Of Bitcoin — Here’s Why

  • Image

    Ethereum Shortfall Says Price Is Headed Lower Unless This Happens

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge