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Genesis Creditors Hire Lawyers to Find Ways to Prevent Crypto Brokerage's Bankruptcy: Bloomberg
Genesis is in talks with creditors and potential investors, the report said.
Genesis Global Trading's creditors have hired restructuring lawyers to help find a way prevent the crypto brokerage from having to file for bankruptcy, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.
Some creditors are working with law firm Proskauer Rose, while others have retained Kirkland & Ellis, the people said.
On Nov. 16, the lending arm of the crypto investment bank suspended redemptions and new loan originations in the wake of the FTX exchange’s collapse, Interim CEO Derar Islim told customers on a call, as CoinDesk reported at the time.
Genesis and CoinDesk share the same parent company, Digital Currency Group.
Read more: Bernstein Says Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
